1
Q
What is business investment
A
- Expenditure by businesses on capital goods
2
Q
What is cyclical upswing
A
- A phase in the economic cycle where the economy grows due to favourable conditions, such as increased consumer spending or investment
3
Q
What is GDP per capita
A
- A measure of total economic output of a country divided by its pop, indicating average economic prosperity
4
Q
What is inflation
A
- the rate at which the general level of prices for goods is rising, eroding purchasing power
5
Q
What is productivity
A
- The efficiency of production, often measured as output per hour
6
Q
What are regional disparities
A
- Economic inequalities between different geographical areas within a country, often reflected in employment rates and income levels
7
Q
What is services (tertiary) sector
A
- The part of the economy that provides intangible goods, such as finance, education and healthcare
8
Q
- What are structural problems
A
- Long term economic issues that effect the fundamental health of economy, such as low productivity
9
Q
What is trade deficit
A
- A situation when a Country’s imports of goods exceeds exports, leading to more money leaving the country than entering it
10
Q
Uk unbalanced growth means:
A
- Uk’s recent economic growth heavily in direction of services sector, whilst manufacturing and construction have contracted
11
Q
Uk productivity issues means:
A
Uk’s output per hour barely increasing since pandemic, meaning less goods produced and less total GDP
12
Q
Regional disparities example UK
A
- N/S divide- south of England much more prosperous compared to North of England or wales
13
Q
Trade deficit in UK
A
- UK has substantial trade deficit in goods, only partially offset by surplus in services
14
Q
Business investment in UK
A
- Dealing, despite tax incentives, contributing to poor productivity
Freakonomics (macro)
flashcards
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