how income is shared out between households in a country
1 of 12
Economic cycle
the tendency to economic activity to fluctuate outside its trend growth rate, moving from a high level of economic activity to a negative economic activity - recession
2 of 12
Economic growth
short run - increase in real gdp and in the long run an increase in productive capacity , that is the max output an economy can produce
3 of 12
Economically inactive
people of working age who are neither employed nor unemployed
4 of 12
Exchange rate
the price of one currency in terms of another
5 of 12
Exports
products sold abroad
6 of 12
Fiscal drag
peoples income being dragged into higher tax brackets as a result tax brackets not being adjusted in line with inflation
7 of 12
Fiscal policy
the taxation and spending decisions of a government
8 of 12
Frictional unemployment
short term unemployment occurring when workers are in between jobs
9 of 12
Full employment
a situation where those wanting and able to work can find work at the going wage rate
10 of 12
GDP
the total output of goods and services produced in a country
11 of 12
Government bond
a financial asset issued by the central or local government
12 of 12
Other cards in this set
Card 2
Front
the tendency to economic activity to fluctuate outside its trend growth rate, moving from a high level of economic activity to a negative economic activity - recession
Back
Economic cycle
Card 3
Front
short run - increase in real gdp and in the long run an increase in productive capacity , that is the max output an economy can produce
Back
Card 4
Front
people of working age who are neither employed nor unemployed
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