Definition | Answer | % Correct |
---|---|---|
A fall in the value of a country's currency against other currencies. | Depreciation | 100%
|
A measure of the number of people who are in work at a particular time. | Employment | 100%
|
The percentage of the population aged 16-64 who are in work. | Employment Rate | 100%
|
Products produced in the 'home' economy and sold to customers overseas. | Exports | 100%
|
The trend for many markets to become worldwide in scope. | Globalisation | 100%
|
Products bought by households, firms and the government in one country that are produced in othe countries. | Imports | 100%
|
The proportion or percentage of economically active people within a country who are unemployed. | Unemployment Rate | 100%
|
Unemployment arising from a fall in aggregate demand. | Cyclical Unemployment | 50%
|
The rate of decrease of the general price level and the corresponding rise in the value of money. It has become more common recently as a number of countries have experienced falls in their general price levels. | Deflation | 50%
|
An action by governments or other authorities implemented with the intention of reducing aggregate demand. | Deflationary Policies | 50%
|
Describes the process of removing manufacturing industries from an economy and the economic and social consequences, such as unemployment, which follow. | Deindustrialisation | 50%
|
Occurs when prices are rising, but at a decreasing rate. | Disinflation | 50%
|
The advantages that a firm gains due to an increase in its size or in the size of the industry in which it operates. | Economies of Scale | 50%
|
The sale of goods and services across national frontiers. | International Trade | 50%
|
An increase in an economy's productive potential and is what is usually meant by the term 'economic growth'. | Long-run Economic Growth | 50%
|
Unemployment that exhibits regular and predictable fluctuations throughout the year. | Seasonal Unemployment | 50%
|
An increase in production of goods and services that occurs without an economy acquiring additional factors of production. This is because the available resources within the economy are used more intesively. | Short-run Economic Growth | 50%
|
Job losses from the long-term decline of specific industries. | Structural Unemployment | 50%
|
Occurs when workers take a decision not to enter the labour market at the current wage rate. | Voluntary Unemployment | 50%
|
A part of the current account of the balance of payments and measures the earnings from exports minus the expenditure on imports. | Balance of Trade | 0%
|
States that even relatively inefficient economies can benefit from international trade. | Comparative Advantage | 0%
|
Arises from firms facing increased costs of production and originates in the supply side of the economy. | Cost-push Inflation | 0%
|
Exists when inflows of currency recorded on the current account are smaller than outflows over some period of time. | Current Account Defecit | 0%
|
Exists when inflows of currency recorded on the current account exceed outflows over some period of time. | Current Account Surplus | 0%
|
A rise in the general price level that results from an increase in aggregate demand. | Demand-pull Inflation | 0%
|
Refers to a person who is either in employment or who is unemployed and therefore seeking work. | Economically Active | 0%
|
Occurs when an economy's actual level of GDP shows a regular pattern of variation compared with its long-term trend. | Economic Cycle | 0%
|
Describes an economy that has a low income per capita but is enjoying high rates of economic growth. | Emerging Markets | 0%
|
Exists when workers are in the process of moving into a new job. | Frictional Unemployment | 0%
|
Measures the value of imports as a percentage of consumption. | Import Penetration | 0%
|
Exists when the actual level of real GDP is below the long-term trend level. | Negative Outputs Gaps | 0%
|
One in which international represents a high proportion of its GDP. The UK is an increasingly open economy. | Open Economy | 0%
|
Measures the difference between an economy's actual level of real GDP and its long-term trend level of real GDP. | Output Gaps | 0%
|
Exists when the actual level of real GDP is above the long-term trend level. | Positive Output Gaps | 0%
|
A rate of economic growth that is sustainable over long periods of time. | Trend Rate | 0%
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