AICE Econ AS Unit 5 Word Scramble
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| Term | Definition |
| 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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