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Description
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Term
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That which has been contributed to by an ageing population relying more on low retirement pensions, technological progress causing jobs to become more skilled - increasing high-end wages, and globalisation causing the outsourcing of low skilled labour
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Income Inequality
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A process whereby a central bank creates more money (mostly electronically) which it uses to buy financial assets (mostly government bonds) from investment companies which save the money, increasing bank deposits and thus the availability of credit, boosting investment and consumption
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Quantitative Easing
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One of the three pairs between withdrawal and injection, relating to government
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Government Spending and Taxation
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Those policies, the main strengths of which are that; they can enable growth while avoiding inflationary pressure, may not increase government spending, and can result in investment that would not otherwise have happened
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Supply-side Policies
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That type of policy, the primary concern of which is in regards to the government budget deficit or surplus and the taxation and spending that created it
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Fiscal Policy
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That which economic growth may cause as the increase in consumption increases imports, making less available for export, while the exchange rate may rise making exports more expensive
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Current Account Deficit
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That which can lead to a more optimistic business climate as firms' markets become bigger, allowing them to sell more and increase profits (assuming costs don't increase too much), promoting future expansion
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Economic Growth
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Those countries, of which it is debated as to whether they should concentrate their resources on achieving economic growth or improving people's basic needs
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Developing Countries
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A suggested way of viewing the environmental stock of a country, which like any other capital must be utilised effectively and sustainably
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Environmental Capital
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That body, influence in the form of voting power at which is much affected by a country's economic growth
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International Monetary Fund
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Description
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Term
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Policies that are directed the supply, being aimed at improving the efficiency of product and labour markets
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Supply-side Policies
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The average productivity of all factors, measured as total output ÷ total amount of inputs used
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Total Factor Productivity
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That which the Bank of England believes to be the long-run sustainable unemployment rate
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5%
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Where the effects of economic growth are distributed between sectors, regions, consumption and investment, &c. in a balance way
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Balanced Growth
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That which will increase when total injections exceed total withdrawals in the circular flow
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Real Gross Domestic Product
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That which occurs through investment via research and development by firms, universities, and research institutions both domestically and abroad
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Technological Progress
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That period of the trade cycle the aftermath of which can result in a fall in living standards as people were encouraged to consume more, much financed by credit, threatening crippling debt repayments or default once it is over
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Boom
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That the supply of which would be increased by investment in education and training, thereby leading to economic growth
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Human Capital
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Where growth and employment are rising, unemployment falling, and the inflation rate beginning to rise
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Recovery or Upturn
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A market-based supply-side policy in which rules, regulations, and barriers are reduced in order to increase innovation and investment, successful where markets are competitive and not under monopolies
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Deregulation
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