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AICE Econ AS Unit 5

Review of terms and concepts from Unit 5 of AICE Econ AS Level

TermDefinition
Labor Force The number of adults available for work.
Labor Force Participation Rate The labor force as a proportion of a total population.
Birth Rate Number of live births per 1000 people each year.
Death Rate Number of deaths per 1000 people each year.
Migration The movement of people from one country to another for the purpose of work.
Urbanisation An increasing proportion of the poplulation lives in large towns and cities.
Dependancy Ratio The proportion of the population that is not productive.
Unemployment Those who are willing and able to work but cannot find a job.
Labor Force Survey A quarterly government survey of employment and unemployment.
Cost of Living The cost of a range of goods that are nessecary for normal existance.
Consumer Price Index (CPI) Mesure of inflation used in the United States.
Nominal Value The face value of money.
Real Value The purchasing value of money calculated at the prices of the base year.
Aggregate Demand The total spending on goods and services in the economy.
Aggregate Supply The total production of an economy.
Types of Unemployment Frictional, structural, cyclical and seasonal.
Unemployment Rate The percentage of the labor force that is currently unemployed.
Long Run Aggregate Supply (LRAS) The potential output of an economy when firms are able to alter all of their factors of production.
Discouraged Worker Workers who are no longer unemployed because they have given up looking for a job.
Retail Price Index (RPI) Measure of inflation used in the UK.
Components of Gross Domestic Product (GDP) Consumption + Investment + Government Spending + Net Exports
Gross Domestic Product (GDP) A measurement of all new final products in an economy.
Economic Growth An increase in the productive potential in an economy.
Created by: M.Brock
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