Review of terms and concepts from Unit 6 of AICE Econ AS Level
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Foreign Exchange Rate | The price of a currency in terms of a different global currency, example, the dollar and the euro.
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| Inflation | Can be looked at as either an increse in prices or the decrease in the purchasing power of money.
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| Monetary Inflation | Inflation caused by an excessive increase in the money supply.
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| Cost-Push Inflation | Inflation caused by an increase in the price of intermediate goods or wages.
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| Demand Pull Inflation | Inflation caused by an increase in aggregate demand that is not accompanies with an increase in the supply of goods/services.
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| Quantity of Money Theory | A theory that links inflation in the economy to changes in the money supply.
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| Hyperinflation | An exceptionally high rate of inflation which results in people losing confidence in money as a medium of exchange.
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| Shoe Leather Costs | A cost of inflation when consumers spend time and money trying to find the best prices.
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| Menu Costs | Additional costs incurred by a business as a consequence of inflation.
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| Anticipated Inflation | Inflation that people expect.
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| Unanticipated Inflation | Inflation that people do not expect.
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| Floating Exchange Rate | An exchange rate that is determined by the market forces of supply and demand.
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| Trade Weighted Exchange Rate | For a given currency, this is calculated using weights that are directly proportional to the other country's shares in trade.
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| Appreciation | An increase in the value of a currency as measured by another currency.
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| Depreciation | A decrease in the value of a currency as measured by another currency.
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| Managed Float Exchange Rate | An exchange rate guided by the market but with some limited manipulation by the government.
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| Pegged Exchange Rate System | An exchange rate that is set to remain within an upper and lower limit.
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| Fiscal Policy | Economic policy used by the legislature. Primarily concerned with taxes and government spending.
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| Expansionary Fiscal Policy | Lowered taxes and/or increased government spending.
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| Contractionary Fiscal Policy | Raised taxes and/or decreased government spending.
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Created by:
M.Brock
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