Definition | Answer | % Correct |
---|---|---|
The rate of decrease of the general price level and the corresponding rise in the value of money. | Deflation | 100%
|
The rate of increase of the general price level and the corresponding fall in the value of money. | Inflation | 100%
|
Exists when people are seeking work but are unable to find it. | Unemployment | 100%
|
A basic product for which there is global demand and which is often used in the manufacturing process. | A Commodity | 67%
|
An organisation formed with the objective of enhancing and protecting the working conditions and economic positions of its members. | A Trade Union | 67%
|
Occurs when prices are rising, but at a decreasing rate. | Disinflation | 67%
|
Occurs when over time an economy expands its capacity to produce goods and services. | Economic Growth | 67%
|
Refers to an increase in an economy's productive potential and is what is normally meant by the term 'economic growth'. | Long-run Economic Growth | 67%
|
Unemployment that exhibits regular and predictable fluctuations throughout the year. | Seasonal Unemployment | 67%
|
Unemployment arising from a fall in aggregate demand. | Cyclical Unemployment | 33%
|
Unexpected factors that affect aggregate demand negatively or positively. | Demand-side Shocks | 33%
|
Exists when workers are in the process of moving to a new job. | Frictional Unemployment | 33%
|
Occurs when workers leave the labour market against their wishes. | Involuntary Unemployment | 33%
|
Measures the ease with which labour moves from one productive use to another. | Labour Mobility | 33%
|
A school of thought that supports the close control of the money supply based on the belief that increases in this supply result in inflation. | Monetarism | 33%
|
Stands for non-accelerating inflation rate of unemployment and is the rate of unemployment that is associated with stable rates of inflation. | NAIRU | 33%
|
Describes the problems experienced by third parties as a consequence of an economic activity. These problems can be passed on as a result of the consumption or production of a product. | Negative Externalities | 33%
|
An increase in production of goods and services because the available resources within an economy are used more fully. | Short-run Economic Growth | 33%
|
A high-risk financial activity in a pursuit of a potentially substantial gain. | Speculation | 33%
|
The loss of jobs resulting from the long-term decline of specific industries. | Structural Unemployment | 33%
|
Intended to increase aggregate supply by improving the effectiveness of markets. | Supply-side Policies | 33%
|
Unexpected factors that affect aggregate supply negatively or positively. | Supply-side Shocks | 33%
|
Occurs when an economy's actual level of GDP shows a regular pattern of variation compared with it's long-term trend. | The Economic Cycle | 33%
|
The level of unemployment that exists when the labour market is in equilibrium. | The Natural Rate of Unemployment | 33%
|
Occurs when workers take a decision not to enter the labour market at the current wage rate. | Voluntary Unemployment | 33%
|
Theories that state that firms and households use past information as the best indicator of future events. | Adaptive Expectations | 0%
|
An equation which sets out the relationship between money, the frequency with which it is spent and the value of transactions in an economy. | Fisher's Equation of Exchange | 0%
|
Occurs when those taking financial decisions operate without sufficient thought and act in the belief that a large group of people are unlikely to be wrong. | Herding Instinct | 0%
|
Describes a situation in which periods of high unemployment tend to increase the rate of unemployment, below which inflation begins to accelerate, commonly referred to as NAIRU. | Hysteresis | 0%
|
Takes place when individuals and firms do not distinguish between nominal and real values of money when taking decisions. | Money Illusion | 0%
|
Based on the assumption that decision makers use all available information - past, current and forecasted - before reaching judgements. | Rational Expectations Theories | 0%
|
Exists when the real wages for workers in an economy are too high, leaving firms unwilling to employ everyone who is looking for a job. | Real Wage Unemployment | 0%
|
States that the level of planned investment depends upon the rate of change of national income. | The Accelerator Theory of Investment | 0%
|
Illustrates the relationship between the rates of inflation and unemployment that may exist within an economy. | The Phillips Curve | 0%
|
States that increases in the money supply within an economy will result in increases in the general level of prices. | The Quantity Theory of Money | 0%
|
The percentage of economically active people within a country who are unemployed. | The Rate of Unemployment | 0%
|
The percentage difference in average gross hourly earnings between union members and non-members. | The Trade Union Wage Premium | 0%
|
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