Economics Unit 2 - Economic performance

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What is economic growth?
When the productive potential of the economy increases
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What are the benefits of economic growth?
Higher living standards, More employment, More tax revenue, Accelerator effect
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What are the costs of economic growth?
Inflation, Current account deficit, Environmental costs - pollution
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What are the different types of unemployment?
Seasonal, Structural, Frictional, Cyclical
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What is seasonal unemployment?
Regular seasonal changes in employment demand
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What is structural unemployment?
Arises from a mismatch of skills and job opportunities
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What is frictional unemployment?
Occurs when people are between jobs
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What is cyclical unemployment?
A fall in aggregate demand
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What are inflows?
Positive entry
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What are outflows?
Negative entry
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What causes a balance of payments deficit?
Poor competition, Strong exchange rate, Recessions
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Card 2

Front

What are the benefits of economic growth?

Back

Higher living standards, More employment, More tax revenue, Accelerator effect

Card 3

Front

What are the costs of economic growth?

Back

Preview of the front of card 3

Card 4

Front

What are the different types of unemployment?

Back

Preview of the front of card 4

Card 5

Front

What is seasonal unemployment?

Back

Preview of the front of card 5
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