Economics- Edexcel 2.6.3
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| show | policies that improve the productive potential of an economy, illustrated by an outward shift of LRAS
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| show | market-led policies and state/government intervention
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| Market-led policies | show 🗑
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| show | intervention in markets to overcome market failures
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| show | short and long run AS, but usually focused on LRAS
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| show | can be short or long
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| show | incentives to look for work/labour & capital productivity/occupational and geographical mobility of labour/investment/competition/sustained non-inflationary growth/new businesses/living standards & regional economic balance
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| What happens if supply-side policies work? | show 🗑
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| show | involve government intervention to overcome market failure
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| show | state investment in public sector/minimum or living wage/higher taxes on wealthy/active regional policy/selective import controls/management of exchange rate/nationalisation
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| Active regional policy | show 🗑
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| How can human capital be improved? | show 🗑
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| show | research and development
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| Biggest barriers to innovation | show 🗑
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| Product innovation | show 🗑
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| Process innovation | show 🗑
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| Creative destruction as a term was created by who? | show 🗑
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| show | complete upheaval of the established order in the pursuit of innovation
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| show | foreign direct investment
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| show | attractive rates of corporation tax,soft loans & tax reliefs, trade & investment agreements, flexible labour markets, high quality critical infrastructure, open capital markets to allow remitted profits, lower unit labour costs
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| market-based supply-side policies | show 🗑
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| Possible drawbacks of market-led supply-side policies | show 🗑
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| show | low R&D spending, low capital investment spending, skill shortages, high economic inactivity in labour market, low labour mobility, ageing infrastructure, regional economic imbalances, productivity gap
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| Strengths of the supply-side in the UK economy | show 🗑
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| show | total planned output of goods and services at a given time and price level
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| show | any policy which seeks to promote competition and efficiency in markets and industries
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| demographic change | show 🗑
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| deregulation | show 🗑
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| Free-market policies | show 🗑
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| Full capacity output | show 🗑
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| show | when a sustained period of very low AD can cause permanent damage to the supply side
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| incentives | show 🗑
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| show | lowering direct taxes to improve work incentives and productivity
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| infrastructure | show 🗑
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| Interventionist policies | show 🗑
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| show | market for people with many short-term job contracts and unpredictable earnings
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| show | measures efficiency
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| show | policies focus on reducing the size of the state and extending the role of market forces in allocating scarce resources
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| show | involves selling state-owned assets to the private sector
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| show | unexpected events that can affect both AD and AS
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| Trade liberalisation | show 🗑
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| show | workers employed without any guarantee about the amount of work they will have
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