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Economics Theme 2 Key Term Glossary- The UK Economy, Performance and Policies

This class was created by Brainscape user Faiza Uddin. Visit their profile to learn more about the creator.

By: Faiza Uddin
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Decks in this class (23)

2.1.1 Economic growth
Big mac index 1,
Brics economies 2,
Constant prices 3
33  cards
2.1.2 Inflation
Consumer price index cpi 1,
Cost push inflation 2,
Cpih inflation 3
19  cards
2.1.3 Employment and unemployment
Claimant count 1,
Cyclical demand deficient unemplo...,
Discouraged workers 3
48  cards
2.2.1 Aggregate demand
Aggregate demand 1,
Animal spirits 2
2  cards
2.2.2 Consumption (C)
Consumer confidence 1,
Consumer durables 2,
Consumer spending 3
16  cards
2.2.3 Investment (I)
Access to credit 1,
Animal spirits 2,
Business confidence 3
10  cards
2.2.4 Government Expenditure (G)
Fiscal policy 1,
Fiscal deficit 2,
Government borrowing 3
6  cards
2.2.5 Net trade (X-M)
Exchange rate 1,
Net primary income 2,
Net secondary income 3
5  cards
2.3.1 The characteristics of AS
Aggregate supply 1,
Aggregate supply shock 2
2  cards
2.3.2 Short-run AS
Costs of production 1,
Exchange rate 2,
Short run aggregate supply sras 3
3  cards
2.3.3 Long-run AS
Classical lras 1,
Competition policy 2,
Demographic change 3
14  cards
2.4.1 National income
Circular flow of income 1,
Income 2,
Wealth 3
3  cards
2.4.2 Injections and withdrawals
Injections 1,
Withdrawals 2
2  cards
2.4.3 Equilibrium levels of real national output
Aggregate demand 1,
Aggregate supply 2,
Equilibrium national output 3
4  cards
2.4.4 The multiplier
Marginal propensity to consume mpc 1,
Marginal propensity to import mpm 2,
Marginal propensity to save mps 3
8  cards
2.5.1 Causes of growth
Actual short run growth 1,
Long run growth 2,
Net inward migration 3
14  cards
2.5.2 Output gaps
Negative output gaps 1,
Output gap 2,
Positive output gap 3
4  cards
2.5.3 Trade (business) cycle
Boom 1,
Depression 2,
Double dip recession 3
15  cards
2.5.4 The impact of growth
Distribution of income 1,
Economic development 2,
Foreign direct investment 3
6  cards
2.6.1 Possible macroeconomic objectives
Balanced growth balanced expansio...,
Budget balance 2,
Budget deficit 3
11  cards
2.6.2 Demand-side policies
Austerity 1,
Automatic stabilisers 2,
Budget balance 3
49  cards
2.6.3 Supply-side policies
Competition policy 1,
Competitive market 2,
Ease of entry 3
17  cards
2.6.4 Conflicts and trade-offs
Phillips curve 1,
Policy asymmetry 2,
Trade off 3
3  cards

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Economics Theme 2 Key Term Glossary- The UK Economy, Performance and Policies

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