How the Economy Works

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What is the definition of Economic Growth?
Economic Growth is the change of output of the total value of goods produced (GDP) in an Economy in one year.
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What is the Balance of Payments?
The balance of exports and imports into and out of an economy over time.
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Whats the first line when it says- 'Evaluate'?
We will have to look at the cost benefit analyasis
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What are the 4 factors of Production?
Land, Labour, Capital, Enterprise
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What is link between inflation and Unemployment?
The Economist Kaynes suggetsed a link between low levels of unemployment and high levels of inflation.
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What is Fiscal Policy?
Fiscal Policy is the taxation and Government Spending of a country.
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Card 2

Front

What is the Balance of Payments?

Back

The balance of exports and imports into and out of an economy over time.

Card 3

Front

Whats the first line when it says- 'Evaluate'?

Back

Preview of the front of card 3

Card 4

Front

What are the 4 factors of Production?

Back

Preview of the front of card 4

Card 5

Front

What is link between inflation and Unemployment?

Back

Preview of the front of card 5
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