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OCR Economics Unit 2

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

By: Puvith Hewage
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Decks in this class (8)

3.1 Economic growth
What does the term economic growt...,
What does the term gross domestic...,
How is the rate of growth calcula...
12  cards
3.2 Low unemployment
• explain what is meant by employment and unemployment • explain how unemployment is measured using the Claimant Count • calculate the unemployment rate • analyse recent and historical unemployment figures • explain the types of unemployment, including cyclical, frictional, seasonal and structural unemployment • evaluate the causes and consequences of unemployment for individuals, regions and the government
14  cards
3.3 Fair distribution of income
• explain what is meant by the distribution of income, including different types of income and the difference between income and wealth • calculate income and wealth • evaluate the causes of differences in the distribution of income and wealth and the consequences for an economy
10  cards
3.4 Price stability
• explain what is meant by price stability and inflation, including the difference between real and nominal values • explain how inflation is measured using the Consumer Price Index (CPI) • calculate the effect of inflation on prices • analyse recent and historical inflation figures • evaluate the causes of inflation and the consequences for consumers, producers, savers and the government
15  cards
3.5 Fiscal policy
What does the term government spe...,
What does the government spend th...,
What does the term government rev...
17  cards
3.6 Monetary policy
• explain what is meant by monetary policy and how it can be used to achieve economic objectives • analyse how monetary policy can affect growth, employment and price stability • evaluate the effects of monetary policy on consumer spending, borrowing, saving and investment
11  cards
3.7 Supply side policies
• explain what is meant by supply side policy and how it can be used to achieve economic objectives • evaluate the costs, including opportunity cost, and the benefits of supply side policies for the economy
4  cards
3.8 Limitations of markets
• explain what is meant by positive and negative externalities • explain government policies to correct positive and negative externalities, including taxation and subsidies, state provision, legislation and regulation and information provision • evaluate the use and impact of government policies to correct positive and negative externalities • evaluate the costs, including opportunity cost, and the benefits of government policies to correct positive and negative externalities.
23  cards

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OCR Economics Unit 2

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