Economics Unit 4 - Economic Indicators 0.0 / 5 ? EconomicsMacroeconomic indicatorsA2/A-levelAQA Created by: anna_richardsCreated on: 23-02-16 19:46 What is a recession? Negative economic growth for 2 consecutive quarters 1 of 17 Name 3 causes of a recession (Demand-side) Higher interest rates, Deflation, Falling consumer confidence 2 of 17 Name 3 causes of a recovery (Demand-side) Lower interest rates, Inflation, Rising consumer confidence 3 of 17 Name 2 causes of a recession (Supply-side) Unemployment, Higher commodity prices 4 of 17 Name 2 causes of a recovery (Supply-side) More employment, Lower commodity prices 5 of 17 Name the 4 factors that determine the long term trend growth (TTIE) Technology, Training, Investment, Education 6 of 17 What does exogenous mean? Anything outside the components of AD 7 of 17 What are the three factors that increase long term aggregate supply Higher productivity, Increased supply of factor inputs, Technological advances 8 of 17 Name 3 advantages of economic growth Higher standard of living, Increased tax revenue, Higher employment 9 of 17 Name 3 disadvantages of economic growth Inflation, Greater inequality, Environmental cost (negative externalities) 10 of 17 What are the three ways to measure the size of an economy? GDP, GNP, NI 11 of 17 What is property income from abroad? Interests, profits and dividends flowing into the country, minus those flowing out 12 of 17 Methods of calculation? 3 13 of 17 What are the three limitations of NI? Indicates growth not welfare, Offset by population growth, Ignores distribution of income 14 of 17 What are the three main components of the HDI? Education, Life expectancy, Income 15 of 17 What does a low HDI index indicate? Low standard of living 16 of 17 How does the misery index work? The sum of the unemployment rate plus inflation 17 of 17
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