Review of terms and concepts from Unit 5 of AICE Econ AS Level
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| Labor Force | The number of adults available for work.
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| Labor Force Participation Rate | The labor force as a proportion of a total population.
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| Birth Rate | Number of live births per 1000 people each year.
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| Death Rate | Number of deaths per 1000 people each year.
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| Migration | The movement of people from one country to another for the purpose of work.
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| Urbanisation | An increasing proportion of the poplulation lives in large towns and cities.
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| Dependancy Ratio | The proportion of the population that is not productive.
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| Unemployment | Those who are willing and able to work but cannot find a job.
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| Labor Force Survey | A quarterly government survey of employment and unemployment.
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| Cost of Living | The cost of a range of goods that are nessecary for normal existance.
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| Consumer Price Index (CPI) | Mesure of inflation used in the United States.
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| Nominal Value | The face value of money.
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| Real Value | The purchasing value of money calculated at the prices of the base year.
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| Aggregate Demand | The total spending on goods and services in the economy.
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| Aggregate Supply | The total production of an economy.
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| Types of Unemployment | Frictional, structural, cyclical and seasonal.
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| Unemployment Rate | The percentage of the labor force that is currently unemployed.
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| Long Run Aggregate Supply (LRAS) | The potential output of an economy when firms are able to alter all of their factors of production.
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| Discouraged Worker | Workers who are no longer unemployed because they have given up looking for a job.
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| Retail Price Index (RPI) | Measure of inflation used in the UK.
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| Components of Gross Domestic Product (GDP) | Consumption + Investment + Government Spending + Net Exports
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| Gross Domestic Product (GDP) | A measurement of all new final products in an economy.
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| Economic Growth | An increase in the productive potential in an economy.
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Or sort by any of the columns using the down arrow next to any column heading.
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