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Edexcel Economics 4. The UK Economy - Performance Measures

In this quiz the answers change every time you play! Guess the terms that fit these definitions
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Last updated: August 13, 2019
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First submittedJuly 18, 2019
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Description
Term
The total value of all finished goods and services produced by national of a country regardless of actual place of residence
Gross National Product
A graph with a negative slope that plots total demand in terms of real Gross Domestic Product against the price level
Aggregate Demand Curve
The number of people claiming some form of unemployment benefit as a percentage of the total number of all jobs available
Claimant count rate
That which Bhutan measures its economy in terms of
Gross National Happiness
Where money in the form of foreign currencies spent on imports and investments exceeds money earned from exports and investments
Current Account Deficit
That theory of long-run aggregate supply that an increase in aggregate demand reuslts in a rise in aggregate supply up to the point of full employment, after which supply can rise no further, causing inflation
Keynesian
Household consumption ÷ disposable income =
Average propensity to consume
That, the value of which will be eroded with inflation, assuming the interest rate paid is lower than the inflation rate
Savings
(Current value)/(Base value)×100=
Index Number
That an example of which is the interest that could have been earned from past profits by depositing the money in banks or lending it to other firms
Opportunity Cost
That the improvement of which causes an outward shift in the long-run aggregate supply curve as unit costs decrease and more output can be supplied at the same price level
Technology
Exports - imports =
Net exports
A fall in total output
Negative growth
The speed at which the economy could grow if all factors of production were fully used
Potential growth
That organisation which defined the unemployed as those people over 16 who are without work but available and seeking work
International Labour Organisation
The value of the total expenditure on goods and services in an economy over a given period of time
Gross Domestic Expenditure
A category of the balance of payments referring to the interest, profits, and dividends, both received by, and paid to people abroad by those in the UK
Primary income
Those who have been unable to find employment and have thus given up looking
Discouraged workers
That which can be sub-divided into trade in goods, trade in services, and the balance of trade in goods and services
Current Account
That which can cause people's living standards to decrease except those in key occupations with strong wage bargaining power who are able to push for wage increases thus maintaining their purchasing power
Inflation
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