1
Q
Output gap
A
Difference between actual and potential GDP
2
Q
Positive output gap
A
Actual GDP is above potential GDP
3
Q
Negative output gap
A
Potential GDP is higher than actual GDP, large spare capacity
4
Q
Factors to assess
A
Productivity, labour force, business confidence and output, underemployment
AS Edexcel Economics
flashcards
Decks in class (25)
# Cards
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2.1.1 - Economic Growth21
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2.1.2 - Inflation22
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2.1.3 - Unemployment13
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2.1.4 - Balance of payments11
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2.2.1 - Aggregate Demand6
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2.2.2 - Consumption8
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2.2.3 - Investment6
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2.2.4 - Government Spending9
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2.2.5 - Net Trade (X-M)4
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2.3.1 - Characteristics Of Aggregate Supply3
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2.3.2 - Short Run Aggregate Supply6
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2.3.3 - Long Run Aggregate Supply5
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1.1.1 - 1.1.3 Economics as a Social Science10
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1.1.4 - PPF8
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2.4.1 - National Income10
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2.4.2 - Injections and Withdrawals3
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2.4.3 - Equilibrium Real National Output6
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2.4.4 - The Multiplier10
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2.5.1 - Causes of Economic Growth6
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2.5.2 - Output Gaps4
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2.5.3 - Trade Cycle7
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2.5.4 - Impact of Economic Growth3
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2.6.1 - Macroeconomic objectives1
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2.6.2 - Demand side policies7
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AS Microeconomics application21
