Managing the British Economy

These cards looks at definitions for some of the key terms that one should be aware of when sitting AQA's Unit 12 of GCSE Economics about 'Managing the British Economy' in June 2013.

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  • Created by: _lakmini
  • Created on: 02-12-12 18:08
What is full employment?
Full employment is where those who are able and seeking work are in paid employment at the current wage rate.
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What is unemployment?
Unemployment is where those who are able to work cannot find employment.
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Why is full employment an objective for the government?
Full employment is an objective for the government because if full employment is achieved, there will be more people employed which means therefore they will be a number of people willing to buy more products and goods which will increase economic g.
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What is inflation?
Inflation is the rise in the general price level in the economy.
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What causes inflation?
A high demand for goods and services.
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What is deflation?
A decrease in the general price level in the economy.
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How is it measured?
It is measured by looking at the consumer price index and the retail price index.
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Other cards in this set

Card 2

Front

Unemployment is where those who are able to work cannot find employment.

Back

What is unemployment?

Card 3

Front

Full employment is an objective for the government because if full employment is achieved, there will be more people employed which means therefore they will be a number of people willing to buy more products and goods which will increase economic g.

Back

Preview of the back of card 3

Card 4

Front

Inflation is the rise in the general price level in the economy.

Back

Preview of the back of card 4

Card 5

Front

A high demand for goods and services.

Back

Preview of the back of card 5
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