Economics Key Terms 5.4

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the total value of output produced in an economy in a year
Gross Domestic Product
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the percentage increase in GDP per year (it cane negative)
Economic Growth
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the amount of goods and services produced in a period of time
Output
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the land, labour and machinery that are used to produce goods and services
Resources
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spending on equipment and plant that helps contribute to production
Investment
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spending on training and education which allows workers to be able to produce more output in the future
Human Capital Investment
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spending on new assets such as factories or machinery which allows a firm to produce more output in the future
Physical Capital Investment
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sum of money provided by the government to encourage a particular project or activity
Grants
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road, rail and air links that allow people and output to move speedily around a country which help trade
Infrastructure
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these are countries that have a loos gross domestic product and where the average standard of living is low
Less Economically Developed Countries
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the amount of goods and services a person can buy with their income in a year
Standard of Living
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the value of output produced by a country in a year divided by the population of that country
GDP per Capita
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an individual's overall sense of wellbeing. This may be measured by health and education as well as the amount of goods and services a person can buy
Quality of Life
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the percentage of babies that do not survive past their fifth birthday
Infant Mortality Rate
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where there is a difference in income between different groups of people within a country
Income inequalities
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the average age which people are expected to live from birth
Life Expectancy Rates
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the percentage of adults who are able to read and write
Literacy Rates
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resources which are limited in supply and will eventually run out e.g. coal or oil
Non renewable resources
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an increase in GDP that minimises negative externalities faced by future generations
Sustainable economic growth/development
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resources that are not limited in supply and are naturally replaced in the environment e.g. solar or wind power
Renewable resources
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a measure of the impact a business has on society and the environment as a result of its operations
Corporate Social Responsibility
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where a business tries to give the impression that it is environmentally friendly when it claims may not be entirely try or justified
Greenwash
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where a business takes a moral standpoint and ensures that its behaviour does not impact stakeholder groups in a negative way; it tries to do 'the right thing'
Ethical responsibility
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where a business acts or produces products in a way that minimises damage to the environment
Environmentally Friendly
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a payment made to the government by consumers or firms. It is usually based on spending or incomes
Taxation
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where an unconsidered external cost is turned into a considered private cost which is paid in money
Internalising an Externality
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measures designed to encourage a person to act in a different way - a way which may be considered preferable or desirable
Incentives
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a payment to a business and other organisations from the government to encourage the production of certain products or to make them cheaper for the consumer
Subsidy
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laws that are introduced by the government
Legislation
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a law that makes the production of a product or other business activity illegal
Ban
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restrictions and rules placed on business activities, which may be monitored by an independent body or business
Regulation
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Other cards in this set

Card 2

Front

the percentage increase in GDP per year (it cane negative)

Back

Economic Growth

Card 3

Front

the amount of goods and services produced in a period of time

Back

Preview of the front of card 3

Card 4

Front

the land, labour and machinery that are used to produce goods and services

Back

Preview of the front of card 4

Card 5

Front

spending on equipment and plant that helps contribute to production

Back

Preview of the front of card 5
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