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Define Economic Growth
In the SR, increases in AD may lead to a rise in O/P if resources are unemp. In the LR it is a rise in the productive potential with rise qtity or qlity of resc
Define the term inflation.
A sustained increase in the general price level.
The movement of expenditure, income and output around the economy.
Circular flow of income
the price of one currency in terms of another currency or currencies.
Foreign Exchange rate
The term for cuts in government expenditure and/ or rises in taxation designed to reduce aggregate demand.
Contractionary fiscal Policy
What are forms of government expenditure and taxation that reduce fluctuations in economic activity, without any change in government policy.
Automatic stabilizers
It occurs when people can benefit from a good/service without paying anything towards it
Free Rider problem
Consumption of a good by one person does not reduce the amount available for others
Non rival
if demand for X increases when the price of Y increases, then X and Y are
Substitutes
an increase in quantity supplied due to an increase in its price
Extension of supply
The payment received by capital
Interest
The payment received by Land
Rent
Reduction in the value of an capital due to wear and tear or being obsolete
Depreciation
A merger of unrelated companies
Conglomerate
When demand is does not change easily to a change in price
Inelastic Demand
A minimum price that is accepted
Price Floor
A merger that involves companies in the supply chain for a product or service
Vertical Merger
This tax imposes the same tax percentage on individuals regardless of income and is seen as being regressive.
Flat or Proportional tax
Price cannot be over the maximum
Price ceiling
When demand is equal to supply
Equilibrium
When supply is in excess compared to demand
Surplus
When demand is in excess compared to supply
Shortage
An economic model that illustrates opportunity costs
PPF production possibility frontier
A merger among companies that provide similar products or services
Horizontal Merger
Demand for a product is very responsive to price changes
Elastic Demand
The elasticity of a product for which you buy infinite amounts at the given price
Perfectly elastic demand
A good that is purchased as a result of the purchase of a related good
A complement
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