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
Income remaining after direct taxation and transfer payments
The total value of all goods and services produced in a country in on year
1/1-MPC or 1/MPS+MPT+MPM
Model showing movement of goods, services and capital between households and firms
Use of taxes and government spending to influence the economy
Stock of skills and expertise contributing to one's productivity
The quantity of money in the economy, an increase in which causes inflation
Total demand for goods and services in an economy at any given price level
Difference between actual and potential output
Stock concept of accumulation of assets
Occurs when GDP falls for two or more consecutive quarters
Reduction in the rate of inflation
Decline in real GDP exceeding 10% or a recession lasting two or more years
Jobs are lost due to fall in aggregate demand
Exports-imports
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
Demand for a particular job is low at certain times of the year
Workers no longer possess the appropriate skills for the jobs available
GDP fluctuates around its underlying trend following a regular pattern
An individual chooses to decline a job at the going wage rate
Spending by households on goods and services
Use of interest rates and money supply to influence economy
Measure of those who are in work but not working at full capacity
Bank of England inflation rate target
AS when capital is fixed and only labour is variable
HintDefinition
Body within the Bank of England responsible for setting interest rates to control inflation
Wages remain high due to supply of labour not adjusting to fall in demand
Proportion due of total amount lent, deposited or borrowed
Both unemployment and inflation are high
Fall in value of physical capital over time
Money flowing into the circular flow in the form of investment, government spending and exports
Decrease in average price level in the economy
Government expenditure spontaneously adjusts to the effects of a recession or boom
Number of those collecting Job Seeker's Allowance per month
Per head of the population
Accounts showing transactions conducted between one country and the rest of the world
Measure intended to influence aggregate supply which rely upon trickle-down economics
Exchange of government bonds for cash in order to increase liquidity of financial institutions
Adjusted for inflation
Proportion of additional income devoted to consumption
Curved AS because economy can have output gaps due to imperfections
Inflation caused by an increase in aggregate demand for goods and services
Comparing the value of a variable in one period against a base observation
Flow concept of amount earned over a given period
Spending by firms on increasing capital stock
Those who have been unable to find employment and are hence no longer looking for work
Gross investment accounting for depreciation of capital
Measures intended to influence aggregate demand
Measure of inflation using a weighted 'basket' of goods determined by a survey of households
Money flowing out of the circular flow in the form of savings, taxation or imports
HintDefinition
Ratio of change in real income to the original injection
Increase in productive capacity of the economy
Increase in average price level in the economy
Government spending prevents private companies competing for same resources and raises cost of borrowing
Inflation caused by an increase in costs of one or more factors of production
Output per unit of input in a given time period
Not adjusted for inflation
Measure of inflation which includes mortgage costs, excludes high earners and pensioners and uses the arithmetic mean
Strategy for achieving rapid economic growth through the promotion of exports
Happiness rises proportionately to rising GDP up to a certain point
Long run level of unemployment existing, according to monetarists, when the macroeconomy settles at equilibrium
Workers moving between jobs
Measure of those who are willing and able to work but do not have a job
Accounts for differences in price levels and exchange rates between countries
Income of citizens earned domestically and abroad
Government expenditure > taxation
AS when all factors of production are variable
Long run equilibrium to which the macroeconomy will always tend, according to monetarists
Empirical inverse relationship between unemployment and inflation
Total amount firms are willing to produce in an economy at any given price level
Government expenditure < taxation
AD=AS
Proportion of addtional income withdrawn from the circular flow
Price of one currency in terms of another
Increase in real GDP

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