economics key words (all) (copy)

something that is expected to provide a benefit to the owner in the future

the record of all financial transactions between one country and the rest of the world

the total of net trade in goods and services, income flows and transfers between one country and the rest of the world

where the sum of exports plus the inflow of income and transfers is equal to the sum of imports plus the outflow of income and transfers

when tax revenue is equal to government spending

rate set by the bank of England that influences all other rates of interest in the country

a period of high economic activity and high levels of employment

when government spending is greater than tax revenue

when tax revenue is greater than government spending

a mutual financial institution that is owned by its members. its primary objectives are to receive deposits from its members and to lend money for members to purchase property

the method of measuring unemployment according to the number of people who are claiming unemployment-related benefits

negotiations between a recognised trade union and employer/s

method used to calculate the rate of inflation

the price level of goods and services bought (by the average family)

the system of money used in a country or group of countries

the record of trade in goods and services, income flows and transfers between one country and the rest of the world

where the sum of exports plus the inflow of income and transfers is less than the sim of imports plus the outflow of income and transfers

where the sum of exports plus the outflow of income and transfers is greater than the sum of imports plus the outflow of income and transfers

unemployment caused by a lack of demand in the economy

occurs when a product or factor of production is not demanded for itself, but is dependent on the demand for the product it helps to produce

a country with high GDP per capita and developed industry and service sectors

the process of increasing peoples standard of living and wellbeing over time

when the average cost of production begin to increase as a firm grows in size

how incomes are shared out between individuals and households

how wealth is shared out between individuals and households

an option for the use of selected scarce resources

growth in GDP (value of output) over time

how to best use limited resources to satisfy unlimited wants of people

the quantity of a good or service that an individual is both willing and able to buy at a range of prices in a given time period

when the percentage change in quantity supplied is greater than the percentage change in price

the use of labour in the economy to produce goods and services

an economic and political group of countries in Europe that have free trade with each other

The giving up of something that the individual or firm has, in return for something they wish to have but do not possess.

The price of one currency in terms of another currency.

goods and services sold abroad

The resources in an economy that can be used to make goods and services, e.g. land, labour, capital and enterprise.

Consists of financial organisations and their products, and involves the flow of capital.

Free movement of goods and services between countries, without any restrictions.

GDP divided by the population.

The expansion of world trade in goods and services, together with capital flows, leading to greater international interdependence.

The source of finance for government spending.

the total value added of goods and services produced in the country in a year

goods and services bought from abroad

Government action, using mainly taxation and benefits, to reduce inequalities of income and wealth.

A tax levied directly on personal income, i.e. a tax on a person's wages.

A tax on spending, often defined as a tax on goods and services.

When the percentage change in quantity supplied is less than the percentage change in price.

A sustained rise in the general price level over time.

The price of borrowing money, and the reward for saving money.

The exchange of goods and services between countries.

Unobservable market forces assist demand and supply of goods and services in a free market to move automatically to an equilibrium position.

a country with a developing economy that has lower GDP per capita, lower levels of industrialisation and weaker indicators of wellbeing

an economy in which scarce resources are allocated by the market forces of supply and demand

anything that sets the standard of value of goods and services acceptable to all parties involved in a transaction

a policy which aims to control the total supply of money in the economy to try to achieve the government’s economic objectives, particularly price stability

Anything that is generally accepted as a means of payment for goods and services.

A firm that has its head office in one country, but has operations in a number of other countries.

The sum of money you have to pay for a good or service. It is determined by the interaction of supply and demand.

When the general level of prices stays constant over time, or grows at an acceptably low rate.

Part of the economy that is run by individuals, firms and organisations and not by the government. Private sector organisations are called private enterprises.

The transfer of assets such as businesses from the public sector to the private sector.

The percentage rise in the general price level over time.

the cost of borrowing money, i.e. that which is paid to the lender. it is also the reward for saving

A period when the country's GDP falls for two (or more) consecutive quarters.

A yearly wage divided equally into 12 (monthly) parts.

The process by which individuals, firms, regions and whole economies concentrate on producing those products that they are best at producing.

The social and economic wellbeing of residents in a country.

An amount of money the government gives directly to firms to encourage production and consumption.

Policy that increases the productive potential, which is the ability of the economy to supply more goods and services.

a compulsory payment to the government

The market value of all the assets owned by a person, group or country at a specific point in time. Wealth is a stock of assets, e.g. money, houses and land, whereas income is a flow over time.

Fiscal policy involves the government changing the levels of taxation and government spending in order to influence aggregate demand (AD) and the level of economic activity