Economics- Edexcel 2.5.3
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| show | period when the rate of growth of real GDP is fast and higher than the estimated long term trend
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| show | prolonged and persistent downturn and where a nation’s GDP falls by atleast 10 percent
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| show | when an economy experiences 2 consecutive quarters of negative real GDP growth meaning there is a contraction in the real value of goods and services produced
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| recovery | show 🗑
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| show | weakening / softening of the rate of growth, real GDP is still rising but increasing at a slower rate
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| trough | show 🗑
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| show | external events or shocks/tightening of monetary or fiscal policy/fall in asset prices or supply of credit/drop in business and consumer confidence
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| show | more expensive loans and a fall in demand for consumer credit
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| show | lower real disposable incomes
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| show | a set of economic policies a government imposes to control public sector debt
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| precautionary saving | show 🗑
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| recession caused by inward shift of AD | show 🗑
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| show | inward shifts of AS or AD
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| stagflation | show 🗑
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| show | the situation where future outlook for the economy is unpredictable
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| show | job & income insecurity/prospect of pay cuts to protect jobs/real value of savings/access to credit/future for house prices
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| what does uncertainty do to businesses? | show 🗑
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| show | more affordable to first time buyers/improves geographical mobility of labour/less mortgage debt increases people’s disposable incomes/reduces demand-pull and cost-push inflationary risk(less pressure on wage rises)
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| risks from falling UK property prices | show 🗑
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| impact of recession depends on | show 🗑
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| show | rising structural long-term unemployment & risk of regional economic decline/low rates of investment reduces size of capital stock/ageing capital inputs have negative impact on growth of labour productivity
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| long term social effects of a recession | show 🗑
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| hysteresis | show 🗑
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| show | when economy is disabled by recession there’s a risk of permanent loss of national output, e.g. loss of productive capacity, high rates of structural unemployment cause shrinking labour force
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| creative destruction | show 🗑
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| depression results from | show 🗑
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| signs that a recession turns to a depression | show 🗑
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