IB Economic for the Unit mentioned above
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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| Actual growth | show 🗑
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| Consumer price index (CPI) | show 🗑
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| Cost-push inflation | show 🗑
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| Credit rating | show 🗑
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| Cyclical (demand-deficient) unemployment | show 🗑
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| show | Refers to the repayment of principal and interest on the debt of a person, a firm or a country.
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| Deflation | show 🗑
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| Deflationary/recessionary gap | show 🗑
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| Demand-pull inflation | show 🗑
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| Disinflation | show 🗑
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| Economic growth | show 🗑
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| show | Unemployment of individuals who are in-between jobs, as people quit to find a better job or to move to a different location.
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| show | Full employment exists when the economy is producing at its potential level of real output and thus there is only natural unemployment . when the economy is producing on the PPC.
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| Full employment level of output | show 🗑
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| Government (national) debt | show 🗑
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| Gross domestic product (GDP) | show 🗑
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| Inflation | show 🗑
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| show | The case where equilibrium real output exceeds potential output as a result of an increase in AD.
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| Inflation rate | show 🗑
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| show | The labour market is considered flexible if it can adjust fast and fully to changes in labour demand and labour supply conditions.
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| show | Aggregate supply that is dependent upon the resources and technology in the economy, thus being independent of the price level. It is vertical at the level of potential output.
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| show | A curve showing the monetarist view that there is no trade-off between inflation and unemployment in the long run and that there exists a natural rate of unemployment at the level of potential output.
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| Long-term growth trend | show 🗑
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| Natural rate of unemployment | show 🗑
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| Phillips curve | show 🗑
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| show | Output produced by an economy when it is at full employment equilibrium, or long-run equilibrium according to the monetarist/new classical model.
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| show | A price index that removes the impact of changes in the price level when measuring nominal economic variables.
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| show | The total value of all final goods and services produced in an economy in a given time period, usually one year, adjusted for inflation.
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| Recession | show 🗑
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| Seasonal unemployment | show 🗑
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| show | A curve showing the inverse relationship between the rate of unemployment and the rate of inflation, which suggests a trade-off between inflation and unemployment.
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| show | Periods of growth of real GDP followed by periods of contraction, which are part of the business cycle.
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| Structural unemployment | show 🗑
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| show | When a person (who is above a specified age and is available to work) is actively looking for work, but is without a job.
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| show | The number of unemployed workers expressed as a percentage of the total workforce.
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| show | Payment received by the factor of production labour, which is a certain amount per unit of time.
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Created by:
Ms Michelle
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