How the Economy works

The total value of goods and services produced in a country per annum divided by the population of the country is called what?

GDP per capita

1 of 6

What effect of economic growth would be the most likely to mean declining wages for the poor?

Inequalities of wealth

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If prices of production are not stable, firms will spend more time 'shopping around' for more reasonable prices. This is known as what?

Shoe Leather Costs

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The main source of money into the UK Economy is which tax?

Income

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The majority of spending in the UK budget goes into what?

Social Protection

5 of 6

If a tax on a person is the same no matter what income they make, what is the name of that type of tax?

Proportional

6 of 6

Other cards in this set

What effect of economic growth would be the most likely to mean declining wages for the poor?

Inequalities of wealth

If prices of production are not stable, firms will spend more time 'shopping around' for more reasonable prices. This is known as what?

The main source of money into the UK Economy is which tax?

The majority of spending in the UK budget goes into what?

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