Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Economics 2.5.1

Economics- Edexcel 2.5.1

TermDefinition
economic growth sustained rise in a country’s productive potential and real national output
main drivers of long run economic growth high productivity, gains from innovation and rising real incomes for households
short run economic growth an increase in GDP in a given period of time
actual growth other name short run growth
long run growth an increase in the economy's productive capacity due to an increase in the long-run aggregate supply
factors causing short run economic growth interest rates/fiscal policy/commodity prices/currency changes affecting imports and exports/trading conditions/confidence of businesses and households
factors causing long run economic growth investment/productivity/labour supply/research and development/innovation/enterprise
export led growth where a significant part of the expansion of real GDP, jobs and per capita incomes flows from the successful exporting of goods and services from one country to another
trade-to-GDP ratio measures the total value of trade(exports + imports) expressed as a percentage of GDP
advantage 1 of export-led growth: injections injection leads to rise in AD & expansion of output, raising per capita incomes and reducing extreme poverty
advantage 2 of export-led growth: business revenues grows export sales for businesses, used for investment(higher productive capacity so higher potential for exports)
advantage 3 of export-led growth: investment industries help facilitate trade and countries with fast-growing export sectors are likely to see increased investment and employment in related industries
disadvantage 1 of export-led growth: vulnerability over-dependence on economic cycles of trade partner countries and vulnerable to external economic and political shocks
disadvantage 2 of export-led growth: protectionism persistent trade surpluses incite protectionist response from other nations who feel that the benefits of trade may be unequally skewed towards exporting countries
disadvantage 3 of export-led growth: production capacity production capacity allocated to supply goods for exports can’t be used for domestic needs, so dip in domestic living standards
disadvantage 4 of export-led growth: rapid export-led growth leads to demand pull inflation and higher interest rates, so less competitive
disadvantage 5 of export-led growth: unsustainable unsustainable if contributes extraction of natural resources beyond what is required for long term balanced growth to be maintained
domestic existing or occurring inside a particular country; not foreign or international
Created by: jessharris
Popular Economics sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards