Statistics for Economic: Topic 11, Year 2 Definitions

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Definition	Answer	% Correct
The reduction of the extent of state or government control over a business activity.	Deregulation	100%
Refers to the government's manipulation of its expenditure, taxation and the budget balance to manage the economy.	Fiscal Policy	100%
The trend for many markets to become worldwide in scope.	Globalisation	100%
The process of turning an idea or invention into a saleable product or a more efficient method of production.	Innovation	100%
The transfer of state-owned organisations to the private sector, where they are owned by individuals and private firms.	Privatisation	100%
The total of all past government borrowing that has never been repaid.	The National Debt	100%
Describes government policies to reduce expenditure and increase revenue from taxation during periods of budget deficits.	Austerity	50%
Describes spending by the government or its agencies on the provision of goods or services and spending on cash benefits.	Government Expenditure	50%
Refers to government intervention that seeks to support or develop some industries to enhance economic growth.	Industrial Policy	50%
Refers to the basic facilities available to society that support economic activity such as transport and communication links.	Infrastructure	50%
A series of government initiatives intended to raise employment and incomes in less prosperous parts of the UK.	Regional Policy	50%
A payment that has to be made to the government or other authority by households, firms or other organisations.	Taxation	50%
Exists when government spending during the financial year exceeds the revenue received from taxation.	A Budget Deficit	0%
Occurs when receipts from taxation exceed government expenditure over the financial year.	A Budget Surplus	0%
Arises because of a fundamental imbalance between government receipts and expenditures, rather than short-term factors associated with the economic cycle.	A Structural Budget Surplus or Deficit	0%
Elements of fiscal policy that occur independently as an economy moves through its economic cycle.	Automatic Stabilisers	0%
Suggests that high levels of activity by the public sector can reduce the level of private sector activity.	Crowding Out Theories	0%
Levied on income or wealth such as income tax.	Direct Taxes	0%
Exists when workers are in the process of moving to a new job.	Frictional Unemployment	0%
Occurs when workers cannot move freely to take employment in a new location.	Geographic Immobility of Labour	0%
A situation in which the revenue raised from a tax is ring-fenced for a specific purpose.	Hypothecation	0%
Paid on spending by firms, households and other organisations.	Indirect Taxes	0%
Exists when workers cannot transfer easily to employment in a different type of job.	Occupational Immobility of Labout	0%
Measures the efficiency with which an economy uses its factors of production to produce goods and services.	Productivity	0%
Takes a higher proportion of taxpayers' incomes as their incomes increase.	Progressive Taxation	0%
Occurs when firms undertake projects that seek to achieve an advance in science or technology.	Research and Development	0%
The loss of jobs resulting from the long-term decline of specific industries.	Structural Unemployment	0%
Intended to increase an economy's productive potential by improving the efficiency with which markets operate.	Supply-side Policies	0%
The difference between government spending and revenue over the financial year.	The Budget Balance	0%
The level of unemployment that exists when the labour market is in equilibrium.	The Natural Rate of Unemployment	0%
Sets out the characteristics of a fair taxation system.	The Principles of Taxation	0%