Economics Unit 2-Keywords

What is aggregate demand?

What is aggregate supply?

What is Economic Growth?

What is GDP?

What is a negative output gap?

What is a positive output gap?

What is a Trade-off?

What are Imports?

What are Exports?

What is meant by employment?

What is meant by unemployment?

Name the five types of unemployment?

Cyclical unemployment: demand deficient unemployment that occurs as a result of the economic cycle
Demand deficient unemployment: insufficient AD in the economy to employ labour

What are economic indicators?

What is the pattern that the economic cycle goes through?

What is a recession?

What is balance of payments?

What are injections?

What are withdrawals?

Name a type of withdrawal and a type of injection

Savings are income induced, what does this mean?

What is a multiplier effect?

What is the accelerator effect?

What is privatisation?

What is a supply-side shock?

What are the macroeconomic policy objectives?

What are the macroeconomic policy instruments?

What is a boom/bust policy?

What does total factor productivity mean?

What is inflation?
What is deflation?
What is a credit crunch?

What is the trend rate of growth in the UK?

What is participation rate?

What is demand pull inflation?

What is cost push inflation?

What is meant by "Tight labour market"?

The current account is divided into 4 parts what are they?

What does Visibles and Invisibles mean in economics?

What is deindustrialisation?

What is globalization?

What happens when the current account is in equilibrium?

What is monetary policy?

What is interest rate

What is the transmission mechanism of monetary policy?

What do changes in interest rates impact?

What is meant by money supply?

What are exchange rates?

What is meant by Narrow money, Broad money and Hot money

What is fiscal policy?

What is current spending?

What is capital spending?

What is a balanced budget, a budget deficit and a budget surplus?