HOW WELL DID THE SPANISH ECONOMY PERFORM IN THE YEARS AFTER THE CW - key words

Question 1

Inflation

Answer 1

The average price increase for everyday goods, which can have an adverse economic effect if wage levels are not increased at a similar rate

Question 2

Underemployment

Answer 2

An employment situation that does not utilise the worker to their maximum potential, and where the number of workers employed is insufficient for the amount of work needing to be done. Such a situation often occurs as a consequence of employers trying to keep down wage levels for economic reasons, and can also be linked to seasonal work

Question 3

Balance of trade

Answer 3

The difference between a country’s imports and exports, which indicates how strongly it is trading with other nations

Question 4

Corporatism

Answer 4

An economic policy where outside bodies are given some input into government policy-making, particularly in relation to economic + indsutrial management. Businesses, employers + TUs are typically the kinds of groups ‘incorporaated’ into this style of government

Question 5

Autarky

Answer 5

This term describes when a nation is economically self-sufficient + is not reliant on the resources of other countries

Question 6

GDP (Gross Domestic Product)

Answer 6

Refers to the estimated value of the total worth of a country’s production + services located within its national boundaries + produced by both nationals + foreigners over the course of 1 year

Question 7

Protectionism

Answer 7

This policy makes imports from other countries more expensive due to additional taxation + tariffs

Question 8

Black Market

Answer 8

An economic system that operates beneath the surface of the normal economy, usually on an illegal basis. The state therefore has no formal role in such an economy and is unable to control the supply + purchase of goods within it, while gov taxation of such activities is bypassed + avoided

Question 9

GNP (Gross National Product)

Answer 9

Refers to the estimated value of the total worth of production + services by a country or its citizens on both its own land + foreign territories over the course of 1 year

Question 10

Free Market economy

Answer 10

An economic theory that advocates limited intervention in the economy by governments + politicians, + which prefers market forces to drive economic policy