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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
Answer must correspond to highlighted box!
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Last updated: August 13, 2019
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First submittedJuly 18, 2019
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Average score40.0%
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Description
Term
That which is increased with a higher rate of economic growth ceteris paribus
Investment
A sub-division of the balance of payments showing the balance between revenue earned from exports of physical goods and expenditure on the import of physical goods, of which the UK usually has a trade deficit
Trade in goods
Where the longer one is unemployed the more detached they become from their skills thus further harming their ability to find a job
Hysteresis
That, the three main variables of which are; government expenditure, taxation, and whether or not to run a budget deficit or surplus
Government Fiscal Policy
That which causes an outward shift in the long-run aggregate supply curve as firms are incentivised to lower costs and increase productivity
Competition
That which causes an outward shift in the long-run aggregate supply curve due to its increasing the productivity of employees
Education
The elasticity of long-run aggregate supply according to Keynesian theory
Perfectly inelastic
A category of the balance of payments referring to remittances between those in different countries, donations to foreign charities, overseas aid, and payments to the European Union
Secondary income
That which is increased by greater consumer confidence in their employment and in the economy
Consumption
That, the principal social effect of which is a welfare loss, through people developing depression, dependency, health problems, or turning to crime, while town centres become less vibrant with more vacant premises and charity shops
Unemployment
Nominal GDP×(price index in base year)/(price index in current year) or 100×(nominal GDP)/(price index)
Real Gross Domestic Product
The proportion of income that households devote to consumption
Average Propensity to Consume
That which is principally done for development of new products, expansion into new markets, training and developing staff, and putting money into new technology
Investment
That which firms do when they expect the rate of return to exceed the cost
Invest
A type of frictional unemployment consisting of those who do not accept the first job they are offered but instead search around for a more suitable one
Search unemployment
The speed at which the economy is actually growing even if not all factors of production are being used
Actual Growth
An index such as the Consumer Price Index which assigns a weight to each category of product (i.e. food, energy, &c.) according to the proportion of total expenditure spent on each one
Weighted Price Index
The number of people claiming some form of unemployment benefit as a percentage of the total number of all jobs available
Claimant count rate
The elasticity of short-run aggregate supply according to Keynesian theory
Perfectly elastic
That organisation which defines those in employment as everyone over 16 who does at least one hour's paid work per week
International Labour Organisation
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