economics
sustainable economic growth
the annual percentage increase in the real gdp
what is gdp
gross domestic products
what are the three types of gdp
expenditure, income, output
when does economic growth become sustainable
when it is at a rate that can be maintained in the long term
what is inflation
the annual percentage increase in the general price of goods and services
what is the uk governments target
2.2
what is unemployment
when a person is not employed, in education or training, and is actively seeking a job and is of working age
what are stable balance of payments position
the relationship between money flowing in and out of a country
what is a stable government budget position
the difference between the money recieved through tax revenue and the money that is spent by the government
what is a deficit
when the government spends more than it recieves
how can a goverment overcome a deficit?
through borrowing
what will increase everytime a government has a deficit
national debt
what is national debt
government debt
what is a less uneven distribution of income/wealth
governments will use the tax and benefits system to make the distribution more even
what is a recession
when there is negative economic growht for two consecutive quarters
how much is one quarter
3 months
what is real gdp
gdp that been adjusted to take into consideration the effects of inflation
what is gdp per capita
gdp per person
how do we calculate gdp per capita
gdp/size of population
what can gdp measure
standards of living
what are the three measures of unemployement
claiment count, the labor force survey, the unemployment rate
what is the claiment count and why do people get i
people who recieve job seekers allowance as they are actively seeking employment
what is the labour force survey
people who are unemployed and not claiming job seekers allowance
is the labour force survey higher or lower than the claiment count
higher
what is the unemployment rate
the percentage of the population who are actively seeking work
what is the measure of employment
the percentage of the working population that are employed
what does economically inactive mean
people who are not employed or unemployed
what percentage of the uk population is economically inactive
20
what are the disadvantages of economic growth
can cause inflation, balance of payments posititon deteroirates
what is an advantage of economic growth
less unemployment,helps the government budget position
why is low unemployment good
government spends less on benefits,helps the economy to grow