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Edexcel Economics 5. The UK Economy - Income, Growth, Policy

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: September 10, 2019
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First submittedAugust 18, 2019
Times taken28
Average score40.0%
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Description
Term
The two sets of flows in the circular flow, in alphabetical order
Goods and Money
Where the benefits and opportunities provided by economic growth are incurred by every section of society
Inclusive Growth
Policies aimed at increasing supply while reducing government intervention in the economy
Market-based Supply-side Policies
That position on the government's budget which slows growth as withdrawals exceed injections
Surplus
Monetary and fiscal policies designed to reduce economic activity such as by reducing aggregate demand
Deflationary or Contractionary Policies
An increase in a country's ability to produce goods and services because of an increase in the quantity or quality of resources, shown as an outward shift of the the production possibility frontier or aggregate supply curve
Potential Economic Growth
That type of policy, the principal weaknesses of which are that expansionary policies can increase inflation and worsen the balance of payments position, while changes in taxes and long-term spending are slow and difficult to implement
Fiscal Policy
That which might sometimes be a good thing as it allows firms to expand quickly due to the available pool of labour, and imposes discipline on the labour market due to the ability to replace individuals units of labour
Unemployment
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
Deregulation
That position on the government's budget which promotes growth as injections exceed withdrawals
Deficit
The average rate of economic growth that is sustainable over a period of time without causing inflation
Trend Rate of Growth
A measure of output per unit of capital
Capital Productivity
An increase in the output of goods and services possibly due to the use of previously unemployed resources or new or improved resources, shown as a movement towards the production possibility frontier
Actual Economic Growth
Those policies, the main weaknesses of which are that; they can be subject to time lags or knowledge gaps (such as how people would response to tax changes), and can be very expensive, incurring an opportunity cost on the public budget
Supply-side Policies
The highest point of the trade cycle, where growth and employment are very high and unemployment low, possibly with inflation also being high and increasing
Boom
A deceleration in the growth rate, though still remaining positive
Slowdown
That which remains fixed until an inflow or outflow increases of decreases it respectively, such as the balance in a savings account
Stock
Marginal propensity to save (MPS) + marginal propensity to tax (MPT) + marginal propensity to import (MPM)
Marginal Propensity to Withdraw (MPW)
Policies that are directed at aggregate demand, being either monetary or fiscal
Demand-side Policies
The two main agents in the circular flow, in alphabetical order
Firms and Households
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