A

Actual Employment

AD/AS Model

Advantage of a subsidy

Aggregate Demand

Aggregate Supply

Anti-dumping laws (regulations)

Anti-inflationary policies & unemployment

Appreciation

Arguments for protectionism

Assumptions made about a PPC

Average Tax Rate

B

Balance on Current Transfers

Balance on Goods

Balance on Income

Balance on Services

Base year

Best measure used to determine future output

Best measure used to determine quality of life

Bowed Production Possibility Curve

Business Cycle

C

Calculating GDP

Capital Intensive

Capital Resources

Causes of changes in the current account

Causes of changes in the exchange rate

Causes of unemployment

Census

Central Bank

Ceteris Paribus

Changes in components of the quantity theory of money and the impact on inflation

Changes in price and output

Changes in the AD/AS Model

Changes in the business cycle & inflation

Changes in the velocity of circulation & inflation

Choice

Clean Float

Comparing a value over a number of years

Comparing a value within a year

Complements

Components of the quantity theory of money

Concerns over a current account deficit

Constant Values

Consumer

Consumer Demand

Consumer Price Index (CPI)

Consumption Spending (C)

Consumption spending-the two sector model

Cost to Government of a Subsidy

Cost-Push Inflation

Cost-push inflation- exchange rate depreciates

Cost-push inflation- increase in indirect taxes

Cost-push inflation- increase in wages

Cost-push inflation- net migration loss

Cost-push inflation- price of inputs increase

Costs of Production

Costs of production & the AS curve

Current Values

Cyclical Unemployment

D

Decrease in quantity demanded

Decrease in quantity supplied

Deflation

Demand

Demand for foreign exchange

Demand for Labour

Demand for labour curve-shifts

Demand schedule

Demand-Pull Inflation

Demand-pull inflation- government operating (budget) deficit

Demand-pull inflation- reduction in direct taxes

Demand-pull inflation-falling exchange rate (depreciation)

Demand-pull inflation-interest rates fall

Demand-pull inflation-net migration gain

Depreciation

Depression

Derived demand

Deterioration in the current account

Determinants of Demand

Determinants of Supply

Dirty Float

Disdvantage of a subsidy

Disinflation

Distinguishing between price & cost

Division of Labour (DOL)

E

Economic concepts illustrated by a PPC

Economic Goods

Economic Growth

Effects of Growth

Embargo (trade barrier)

Employment argument for protectionism

Entrepreneur

Equation of Exchange

Equilibrium

Equity Efficiency Trade-Off

Equity/Efficiency trade-off

Excess Demand

Excess Supply

Exchange Rate Diagram

Exchange rates & the AS curve

Exchange rates & the BOP

Expansionary fiscal policy

Expenditure Method

Expenditure-dampening policies

Expenditure-switching policies

Exports one country model

Exports two country model

F

Factors of Production

Factors that can influence the level of unemployment

Factors that Influence Investment

Factors that Influence Savings

Factors that influence the size of the labour force

Features of a demand schedule

Financial Intermediaries

Firms and Inflation

Firms Sector

Fiscal drag

Fiscal Policy-contractionary

Fluctuations in Economic Activity

Foreign Sector

Free Goods

Free Trade

Free trade-exports

Free trade-imports

Frictional Unemployment

Full employment and the natural rate of unemployment

Funding a current account deficit

G

Goods

Government and the current account

Government Budget Deficit

Government Budget Surplus

Government Sector

Government Spending

Government Spending (G)

Government Tax Revenue

Growth-Costs & Benefits

Growth-Determinants

H

HLFS

Horizontal World Supply Curve

Household Sector

Household-the two sector model

Households and Inflation

How to calculate the labour force

How to calculate the labour force participation rate

How to calculate the unemployment rate

How to calculate the value of consumer spending

How to construct a Consumer Price Index

How to construct a demand schedule

How to derive market demand

How to derive market supply

How to illustrate a per unit sales tax

How to illustrate a per unit subsidy

How to illustrate a price change on a demand curve

How to illustrate a price change on a supply curve

Human Resources

I

Impact of a subsidy on consumers

Impact of a subsidy on producers

Impact of an indirect tax on consumers

Impact of an indirect tax on producers

Import licences or quotas (trade barrier)

Importance of events for growth

Imports one country model

Imports two country model

Imposing a tariff

Improvement in the current account

Improving productivity

Improving productivity-Division of labour

Improving productivity-Specialisation

Income Method

Increase in quantity demanded

Increase in quantity supplied

Increased savings & unemployment

Increased wage demands & unemployment

Indirect Tax

Individual demand

Individual Price Rise

Infant industry argument

Inflation

Inflationary Gap

Injections

Interdependence-the two sector model

Interest

Interest Rates

Interest rates and the exchange rate

Interest-reward for capital resources

Investment (I)

Investment Spending (I)

Investment-the two sector model

Invisibles

Invisibles (BOP)

Involuntary Unemployment

L

Labour force & the AS curve

Labour force participation rate

Labour Intensive

Lack of qualifications & unemployment

Law of Demand

Law of Supply

Leakages

Limitations of the Consumer Price Index

Limited Means

Link between greater savings or capital goods & living standards

Link between saving & investment

M

Macroeconomic Conflicts

Macroeconomic economic objective-Balance of Payments

Macroeconomic economic objective-Economic Growth

Macroeconomic economic objective-Equality

Macroeconomic economic objective-Full Employment

Macroeconomic economic objective-Price Stability

Macroeconomics

Marginal Tax Rate

Market Demand

Market Supply

Measures of Unemployment

Minimum Wage

Monetary Policy

Money flows-two sector model

Movements along a Demand Curve

Movements along a Supply Curve

MV = PQ

N

Natural Resources

Negative (disadvantages) outcomes of economic growth

Net Exports (X-M)

Net Social Welfare

Nominal GDP

Non-Renewable Resources

O

Obstacles to growth

Official Cash Rate (OCR)

Offshoring

Opportunity Cost

P

Peak (boom)

Phillips Curve

Policies on unemployment

Policies to promote free trade

Policy Target Agreement (PTA)

Positive (advantages) outcomes of economic growth

PPC illustrating a decision to produce more capital goods

PPC illustrating a decision to produce more consumer goods

PPC illustrating an increase in productive capacity

PPC illustrating an increase in real GDP

PPC-Choice

PPC-Opportunity cost

PPC-Scarcity

PPC-Slope

Price index

Price per unit a firm receives with a sales tax

Price per unit a firm receives with a subsidy

Producer-the two sector model

Producers Price Index (PPI)

Production

Production Method

Production Possibility Curve

Productive Capacity

Productivity

Productivity/technology & the AS curve

Profit

Profit-reward for entrepreneurship

Progressive Tax

Protectionism

Q

Quota

R

Real flows-two sector model

Real GDP

Real Income

Real Values

Reason for a bowed PPC

Reason for a straight line PPC

Reason for the downward slope of the demand for labour curve

Reason for the slope of the supply of labour curve

Reasons for a free trade agreements

Reasons for a shift of the demand for labour curve

Reasons for a shift of the supply of labour curve

Reasons for an increase in productive capacity

Reasons for free trade

Reasons why government imposes taxes

Recession

Recessionary Gap

Regional and skill-based mismatch & unemployment

Regressive Tax

Related Goods

Removing a tariff

Renewable Resources

Rent

Rent-reward for natural resources

Resources

S

Savings (S)

Savings and Inflation

Savings-the two sector model

Scarcity

Self-employment

Service

Setting (establishing) an exchange rate

Shape of a PPC

Shifts of the AD Curve

Shifts of the AS Curve

Shifts of the Demand Curve

Shifts of the Supply Curve

Shortage

Sources of Government Revenue

Specialisation

Sticky wages

Straight Line Production Possibility Curve

Strategic (essential industry) argument

Structural Unemployment

Subsidy

Substitutes

Supply

Supply of foreign exchange

Supply of Labour

Supply of labour curve-shifts

Supply schedule

Surplus

T

Tariffs

Tax Avoidance

Tax Evasion

Tax take and the business cycle

The basic economic problem

The Capital Account

The Current Account

The Financial Account

The foreign exchange market

The Labour Market

The real cost of a decision

Trade and Inflation

Trade Cycle

Trade-Weighted Index

Two Country Trade Model

Types of taxes

Types of Unemployment

U

Underemployment

Unemployment and migration

Unemployment benefits & unemployment

Unemployment economic effects

Unemployment rate

Unemployment social effects

Uses of the Consumer Price Index

V

Velocity of circulation

Visibles

Visibles (BOP)

Voluntary Unemployment

W

Wages

Wages-reward for human resources

Wants

Weighting an index

Where will a market clear

Why can individuals not have everything they want

Why investment might not take place

Why is demand limited and wants unlimited

Working-age population