Economics Unit 2 - Economic performance 0.0 / 5 ? Economicseconomic performanceASAQA Created by: anna_richardsCreated on: 05-03-16 20:15 What is economic growth? When the productive potential of the economy increases 1 of 11 What are the benefits of economic growth? Higher living standards, More employment, More tax revenue, Accelerator effect 2 of 11 What are the costs of economic growth? Inflation, Current account deficit, Environmental costs - pollution 3 of 11 What are the different types of unemployment? Seasonal, Structural, Frictional, Cyclical 4 of 11 What is seasonal unemployment? Regular seasonal changes in employment demand 5 of 11 What is structural unemployment? Arises from a mismatch of skills and job opportunities 6 of 11 What is frictional unemployment? Occurs when people are between jobs 7 of 11 What is cyclical unemployment? A fall in aggregate demand 8 of 11 What are inflows? Positive entry 9 of 11 What are outflows? Negative entry 10 of 11 What causes a balance of payments deficit? Poor competition, Strong exchange rate, Recessions 11 of 11
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