OCR Definitions for Paper 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Economic growth | Growth in GDP (value of output).
🗑
|
||||
| Gross Domestic Product (GDP) | Total value of goods and services produced in an economy in a year.
🗑
|
||||
| GDP per capita | The total value of goods and services in a country divided by the population.
🗑
|
||||
| Investment | Spending on capital goods.
🗑
|
||||
| How changes in technology cause economic growth | Better technology leads to better quality of capital.
🗑
|
||||
| Size of workforce | A larger workforce means there is more labour (a factor of production).
🗑
|
||||
| Education and training | An increase in the skills of the workforce will improve the quality of labour.
🗑
|
||||
| Availability of natural resources | If there is the discovery of more natural resources, it enables an economy to grow.
🗑
|
||||
| Employment | Use of labour to produce goods and services.
🗑
|
||||
| Unemployment | When workers are willing and able to work but unable to find employment.
🗑
|
||||
| Claimant Count | A measure of unemployment counting the number of people who are claiming unemployment benefits.
🗑
|
||||
| The unemployment rate | The percentage of the workforce who are unemployed.
🗑
|
||||
| Cyclical unemployment | Unemployment when there is a lack of demand in the economy.
🗑
|
||||
| Frictional unemployment | Unemployment when workers are in between jobs.
🗑
|
||||
| Seasonal unemployment | Unemployment when there is a lack of demand during a certain period of the year.
🗑
|
||||
| Structural unemployment | Unemployment caused by a permanent decline in an industry.
🗑
|
||||
| Distribution of income | How incomes are shared out between individuals and households.
🗑
|
||||
| Income | The reward for a service provided by a factor of production.
🗑
|
||||
| Wealth | A stock of assets at a point in time.
🗑
|
||||
| Price stability | When the general level of prices stays constant.
🗑
|
||||
| Inflation | A sustained increase in the general price level.
🗑
|
||||
| CPI (Consumer price index) | Method used to calculate the rate of inflation.
🗑
|
||||
| Nominal value | The value of something in money terms.
🗑
|
||||
| Real value | The value of something when inflation is taken into account.
🗑
|
||||
| Government spending | Total amount of money spent by the government in a given period of time.
🗑
|
||||
| Government revenue | A source of revenue for government spending.
🗑
|
||||
| Direct taxes | A tax on income or wealth.
🗑
|
||||
| Indirect taxes | A tax on spending.
🗑
|
||||
| Balanced government budget | When tax revenue is equal to government spending.
🗑
|
||||
| Budget surplus | When tax revenue is greater than government spending.
🗑
|
||||
| Budget deficit | When tax revenue is less than government spending.
🗑
|
||||
| Fiscal policy | Use of government spending and taxation to have an impact on the economy.
🗑
|
||||
| Progressive taxes | Tax that takes a higher percentage of tax the higher the income.
🗑
|
||||
| Monetary policy | A policy aimed to control the total money supply in the economy.
🗑
|
||||
| Supply side policies | Policies that increase the productive potential of an economy.
🗑
|
||||
| Positive externalities | Beneficial effect of an economic activity on a third party.
🗑
|
||||
| Negative externalities | Harmful effect of an economic activity on a third party.
🗑
|
||||
| Incidence of tax | how the burden of tax is divided between consumers and producers.
🗑
|
||||
| Subsidies | Grant given by government to producers to encourage production of a good.
🗑
|
||||
| State provision | Expenditure for provision of public goods.
🗑
|
||||
| Legislation | Laws imposed, meaning action can be taken against those who break the rules.
🗑
|
||||
| Regulation | Rules to control/reduce negative behaviour by consumers and producers, that are enforced by legislation.
🗑
|
||||
| Information provision | Ensuring economic agents have access to the information they need.
🗑
|
||||
| Exports | Goods and services produced in one country and sold to another country.
🗑
|
||||
| Imports | Good and services that are brought into the country, when they have been produced elsewhere.
🗑
|
||||
| Free trade agreement | International trade without any restrictions such as trade barriers.
🗑
|
||||
| European Union | A political and economic union of member states that are located primarily in Europe.
🗑
|
||||
| Balance of payments | This records all the financial transactions between one country and other countries.
🗑
|
||||
| Current account deficit | When goods and services that have been imported are greater than those exported.
🗑
|
||||
| Current account surplus | When goods and services that have been exported is greater than those imported.
🗑
|
||||
| Exchange rate | The price of one currency in terms of another currency.
🗑
|
||||
| Currency | The system of money used in a country or group of countries.
🗑
|
||||
| Globalisation | The increasing integration of economies internationally, an expansion of world trade.
🗑
|
||||
| Development | The process of improving people’s standard of living and wellbeing over time.
🗑
|
||||
| Developed country | These are countries with a high GDP per capita and are industrialised.
🗑
|
||||
| Developing economy | These are countries that rely on labour- intensive industries and have a low GDP per capita.
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
victoria.shaw
Popular Economics sets