Miscellaneous Quiz / Economics Unit 2 Definitions

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Can you write the correct economic term for each of these definitions?

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HintDefinition
AS when all factors of production are variable
Proportion due of total amount lent, deposited or borrowed
Stock of skills and expertise contributing to one's productivity
Government expenditure > taxation
Long run level of unemployment existing, according to monetarists, when the macroeconomy settles at equilibrium
GDP fluctuates around its underlying trend following a regular pattern
Increase in average price level in the economy
Measure of those who are willing and able to work but do not have a job
Difference between actual and potential output
Gross investment accounting for depreciation of capital
Decline in real GDP exceeding 10% or a recession lasting two or more years
Measure of those who are in work but not working at full capacity
Decrease in average price level in the economy
Number of those collecting Job Seeker's Allowance per month
AS when capital is fixed and only labour is variable
Income of citizens earned domestically and abroad
Survey of households asking if anyone has been both without and searching for a job for a month, or is starting a new job in two weeks
Long run equilibrium to which the macroeconomy will always tend, according to monetarists
Wages remain high due to supply of labour not adjusting to fall in demand
Adjusted for inflation
Income remaining after direct taxation and transfer payments
Inflation caused by an increase in aggregate demand for goods and services
Measures intended to influence aggregate demand
Workers no longer possess the appropriate skills for the jobs available
Ratio of change in real income to the original injection
HintDefinition
Measure intended to influence aggregate supply which rely upon trickle-down economics
Curved AS because economy can have output gaps due to imperfections
Accounts for differences in price levels and exchange rates between countries
AD=AS
Price of one currency in terms of another
Those who have been unable to find employment and are hence no longer looking for work
Bank of England inflation rate target
Not adjusted for inflation
Money flowing into the circular flow in the form of investment, government spending and exports
Use of interest rates and money supply to influence economy
Government spending prevents private companies competing for same resources and raises cost of borrowing
The total value of all goods and services produced in a country in on year
Proportion of addtional income withdrawn from the circular flow
Increase in real GDP
Spending by firms on increasing capital stock
Government expenditure spontaneously adjusts to the effects of a recession or boom
Jobs are lost due to fall in aggregate demand
The quantity of money in the economy, an increase in which causes inflation
Reduction in the rate of inflation
Strategy for achieving rapid economic growth through the promotion of exports
Model showing movement of goods, services and capital between households and firms
Total amount firms are willing to produce in an economy at any given price level
Per head of the population
Use of taxes and government spending to influence the economy
Total demand for goods and services in an economy at any given price level
HintDefinition
Spending by households on goods and services
1/1-MPC or 1/MPS+MPT+MPM
Exchange of government bonds for cash in order to increase liquidity of financial institutions
Demand for a particular job is low at certain times of the year
Body within the Bank of England responsible for setting interest rates to control inflation
Government expenditure < taxation
Stock concept of accumulation of assets
Both unemployment and inflation are high
Inflation caused by an increase in costs of one or more factors of production
An individual chooses to decline a job at the going wage rate
Proportion of additional income devoted to consumption
Money flowing out of the circular flow in the form of savings, taxation or imports
Occurs when GDP falls for two or more consecutive quarters
Fall in value of physical capital over time
Workers moving between jobs
Accounts showing transactions conducted between one country and the rest of the world
Empirical inverse relationship between unemployment and inflation
Measure of inflation using a weighted 'basket' of goods determined by a survey of households
Increase in productive capacity of the economy
Measure of inflation which includes mortgage costs, excludes high earners and pensioners and uses the arithmetic mean
Output per unit of input in a given time period
Comparing the value of a variable in one period against a base observation
Happiness rises proportionately to rising GDP up to a certain point
Exports-imports
Flow concept of amount earned over a given period

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