Economics revision

  • Created by: Ashleigh
  • Created on: 23-04-13 11:47
What are the causes of shifts in SRAS?
Change in wage cost. Changes in taxes. Labour productivity. Number of workers. External shocks (Oil prices)
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What are the types of Unemployment?
Frictional; Seasonal; Cyclical and Structural
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What are the aims of the economy?
Full employment; Price stability; economic growth and balance of trade.
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How is Unemployment measured?
By using the Claimant count of the labour force survey.
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What is fiscal policy?
The use of government expenditure and taxation to influence the level of aggregate demand.
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What is monetary policy?
The use of interest rates, the money supply and the exchange rate to influence aggregate demand and inflation.
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Supply side policies are policies that aim to?
Increase productivity, improve incentives and improve the efficiency of resource allocation.
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How is growth measured?
Changes in GDP
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What are the types of inflation?
Demand pull inflation and cost push inflation.
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When does deamand pull inflation occur?
when total demand for goods and services exceeds total supply.
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When does cost push inflation occur?
When firms increase prices to maintain or protect profit margins after experiencing a rise in costs.
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What is a recession?
When theres a falling output over at least two successive quarters.
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Other cards in this set

Card 2

Front

What are the types of Unemployment?

Back

Frictional; Seasonal; Cyclical and Structural

Card 3

Front

What are the aims of the economy?

Back

Preview of the front of card 3

Card 4

Front

How is Unemployment measured?

Back

Preview of the front of card 4

Card 5

Front

What is fiscal policy?

Back

Preview of the front of card 5
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