Global Economics Vocabulary

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  • Created by: TessAni
  • Created on: 13-04-13 17:20
A R H C G S L S H T C D T S O V S M S P V
V E E O P B O T S A O D E E E V E W E Y D
A C C M Q W N S U M L D R I E Q I O I M D
H O O P H C G I L W B L M M C D C R M L H
F N N A H N T M D X G J S O E K N R O N D
W O O R M M E O H F N H O N B H E U N F O
O M M A Q T R N U D I W F O O L I U O H L
W I I T O L M O S J D V T C H B C J C J P
J C C I P X C C X U A S R E J O I O E L A
Y C D V X Q A E O E R E A N V N F E G G Q
R O E E D W P N Q U T B D O B Y F J N L S
R N V A K L I A D N L S E I P U E S I J P
O V E D J J T I K N A A F T H F C Q P L J
X E L V S Y A S R W N D O I D Y I Y O W A
A R O A W W L E P H O W R S N X M R L K D
K G P N S M F N R X I A M N I I A Q E O U
U E M T F H L Y S W G A U A W B N R V E F
R N E A U V O E A W E R L R U Y Y P E C G
T C N G C D W K B H R I A T A T D R D M P
R E T E Q W S Y J C D R C T V D D V Q S E
N E X P N U S A U P D E T F W I B B E G D

Clues

  • countries in a region that have formed an 'economic club' based on abolishing tariffs and non-tariff barriers to trade e.g. NAFTA and ASEAN (8, 7, 4)
  • countries with relatively low income per capita, an economy in which the industrial sector is small or undeveloped and where primary sector production is a relatively large part of total GDP (10, 9)
  • economic conditions in different countries become similar. Economists distinguish between monetary (inflation/interest) and real convergence (structure of economies). membership of the euro area only requires monetary convergence to have taken place. (8, 11)
  • economies in the process of changing from central planning to the free market (10, 9)
  • economists who believe that market failures will result in price and quantity rigidities such that the economy's equilibrium output in the long run may be less than its potential output (9, 10)
  • efficiencies that occur over time. International trade can lead to changes in behaviour over time that can increase productive and allocative efficiency (7, 12)
  • flows of money used for investment in assets (direct investment in setting up production facilities/portfolio investment through buying shares in companies) (4, 4, 7, 5)
  • Index of average export prices/index of average import prices x100 (5, 2, 5, 7)
  • the process of improving people's economic well-being and quality of life (8, 11)
  • where one country produces a good or service at a lower relative opportunity cost that others (11, 9)

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davidsalter

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This is a set of 126 flash cards covering the whole economics specification up to unit 4. Definitions are accurate and they can be used for solo or joint revision.

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