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ECONOMY & U.K

The Economy and the U.k Construction Industry

QuestionAnswer
What is Supply? How much of a good or service a producer is willing and able to produce.
What is Demand? An individual's need or desire for a good or service at a given price.
Explain the Supply and Demand Graph The point at which the supply and demand curve meet is called the Equillibrium Price. Price is LOW, when price is set above the equillibrium price, and vice versa.
What is MicroEconomics? Microeconomics focuses on how decisions are made by individuals and firms and the consequences of those decisions.
Give an Example of Microeconomics. E.G- The university decides it wants to offer a new course. it then has to decide how much it would cost. After determining the cost it would then decide whether or not to offer the cost by weighing cost and benefits.
What is Macroeconomics? this examines the aggregate behaviour of the economy i.e. how the actions of all individuals and firms interact to produce a level of economic performance as a whole.
Give an example of Macroeconomics How high or how low prices are relative to last year.
Macroeconomics considers what? understand changes in the rate of economic growth, changes in the rate of inflation changes in unemployment levels changes in trade performance between other countries.
List and Explain 4 Measures of Economic Performance. Unemployment: A measure of the number of people looking for work who are without jobs Inflation:The rate of change of the general price level. G.D.P (Gross Domestic Product). Output: Real G.N.P measures the total income of a country.
What Is G.D.P? Gross Domestic Product is the monetary value of all the finished goods and service produced within a country's borders within a specific time period.
What is Boom? Low Levels of unemployment high levels of customer satisfaction in terms of buying and spending Profit levels high Inflation rates increasing Boom in housing market
What is Bust? High levels of unemployment Low levels of investment Low inflation Reduced spending by customers.
List the 4 cycles to Boom and Bust Recession Bust Recovery Boom.
How does the Government affect the Economic Cycle? The Government will attempt to control fluctuations in economic growth. it does this in the form of Fiscal policy and Monetary Policies. i.e. Increasng taxes, Increasing V.A.T, or adding duties to fuel e.t.c.
Define Fiscal Policy The use of Government Budget to influence economic activity
What are Monetary Policies? These aim to stabilize the economy by controling interest rates and spending.
Talk about the U.k Construction Industry. Construction relies on Imports.Private Construction output is very sensitive to changeS in G.D.P, causing reduction in G.D.P and Unemployment. Investment in Construction supports a broad set of indsutries e.g real estates mining and quarrying e.t.c
Created by: frantost