IB Economic for the Unit mentioned above
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| Actual growth | show 🗑
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| show | The average of the prices of the goods and services that the typical consumer buys expressed as an index number. The CPI is used as a measure of the cost of living in a country and to calculate inflation.
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| show | Inflation that is a result of increased production costs (typically because of rising money wages or rising commodity prices) and illustrated by a leftward shift of the SRAS curve.
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| Credit rating | show 🗑
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| show | Unemployment that is a result of a decrease in aggregate demand and thus of economic activity; it occurs in a recession.
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| Debt servicing | show 🗑
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| Deflation | show 🗑
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| Deflationary/recessionary gap | show 🗑
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| Demand-pull inflation | show 🗑
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| Disinflation | show 🗑
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| Economic growth | show 🗑
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| Frictional unemployment | show 🗑
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| show | Full employment exists when the economy is producing at its potential level of real output and thus there is only natural unemployment . when the economy is producing on the PPC.
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| show | The level of output that is produced by the economy when there is only natural unemployment.
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| show | The sum of all past budget deficits minus any budget surpluses; the total amount the government owes to domestic and foreign creditors.
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| Gross domestic product (GDP) | show 🗑
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| show | A sustained increase in the average level of prices.
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| Inflationary gap | show 🗑
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| Inflation rate | show 🗑
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| Labour market flexibility | show 🗑
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| show | Aggregate supply that is dependent upon the resources and technology in the economy, thus being independent of the price level. It is vertical at the level of potential output.
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| Long-run Phillips curve | show 🗑
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| show | Refers to average growth over long periods of time shown in the business cycle diagram as the line that runs through short-term fluctuations, indicating changes in potential output
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| show | The rate of unemployment that occurs when the economy is producing at its potential output or full employment level of output. It is equal to the sum of structural, frictional and seasonal unemployment.
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| Phillips curve | show 🗑
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| show | Output produced by an economy when it is at full employment equilibrium, or long-run equilibrium according to the monetarist/new classical model.
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| Price deflator | show 🗑
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| show | The total value of all final goods and services produced in an economy in a given time period, usually one year, adjusted for inflation.
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| Recession | show 🗑
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| Seasonal unemployment | show 🗑
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| Short-run Phillips curve | show 🗑
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| show | Periods of growth of real GDP followed by periods of contraction, which are part of the business cycle.
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| Structural unemployment | show 🗑
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| show | When a person (who is above a specified age and is available to work) is actively looking for work, but is without a job.
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| show | The number of unemployed workers expressed as a percentage of the total workforce.
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| Wage | show 🗑
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Created by:
Ms Michelle
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