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Flashcards in AOS2 Deck (80):
1

Material Living Standards

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Non-Material Living Standards

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Factors that May influence Living Standards

-Access to Goods & Services
- Environmental Quality
-Physical & Mental Health
- Life Expectancy
- Crime Rates
- Literacy Rates

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Factors that May influence Living Standards: Access to Goods & Services

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Factors that May influence Living Standards: Environmental Quality

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Factors that May influence Living Standards: Physical & Mental Health

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Factors that May influence Living Standards : Life Expectancy

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Factors that May influence Living Standards :Crime Rates

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Factors that May influence Living Standards :Literacy Rates

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10

Aggregate Demand

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AD- Consumption

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AD- Government

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AD- Investment

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AD- imports

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AD- Exports

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Factors that may influenced the level of AD in the Economy

- Changes in general Price Levels
- Disposable Income
- Interest Rates
- Consumer Confidence
- Business Confidence
- Exchange Rate
- Rate of Economic Growth Overseas

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Factors that may influenced the level of AD in the Economy : Changes in general Price Levels

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Factors that may influenced the level of AD in the Economy : Disposable Income

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Factors that may influenced the level of AD in the Economy : Interest Rates

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Factors that may influenced the level of AD in the Economy : Consumer Confidence

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Factors that may influenced the level of AD in the Economy : Business Confidence

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Factors that may influenced the level of AD in the Economy : Exchange Rate

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Factors that may influenced the level of AD in the Economy : Rate of Economic Growth Overseas

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Aggregate Supply

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Factors that may influence the level of AS: Changes in the general level of prices

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Factors that may influence the level of AS: Quantity & Quality of the factors of Production

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Factors that may influence the level of AS: Costs of Production

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Factors that may influence the level of AS: Technological Change

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Factors that may influence the level of AS: Productivity Growth

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Factors that may influence the level of AS: Exchange Rates

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Factors that may influence the level of AS: Climatic Conditions

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Effects of changes in AD on level of Economic growth

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Effects of changes in AD on employment

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Effects of changes in AD on price levels

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Effects of changes in AS on Level of Economic Growth

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Effects of changes in AS on Employment

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Effects of changes in AS on Price Levels

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38

chlo

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Inflation

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Price Stability

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CPI

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Underlying Rate of inflation

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Heading Rate of Inflation

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Goal of Strong and Sustainable Economic Growth

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Cause of Inflation

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Demand inflation

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Cost inflation

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GDP

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Consequences of High Inflation

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Consequences of High Inflation : Erosion of purchasing Power

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Consequences of High Inflation: Redistributive effects

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Consequences of High Inflation: resource misallocation

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Consequences of High Inflation: Savings & Investment

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Consequences of High Inflation : International Competitiveness

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Reasons for Pursuing strong & sustainable economic growth

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Reasons for Pursuing strong & sustainable economic growth: Lowering Unemployment Rate

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Reasons for Pursuing strong & sustainable economic growth: Growth in real income

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Reasons for Pursuing strong & sustainable economic growth: Increase in governments ability to provide essential services

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Full Employment

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Labour Force

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Unemployed

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employed

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Hidden unemployment

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disguised & underemployed

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how to measure Labour Force

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How to measure Participation Rate

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How to measure Unemployment Rate

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How to measure the Underutilisation Rate

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Types & Causes of Unemployment

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Cyclical Unemployment

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Structural Unemployment

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Frictional Unemployment

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Seasonal Unemployment

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Hard-Core Unemployment

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Consequences of Unemployment

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Consequences of Unemployment: Loss of GDP

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Consequences of Unemployment: Loss of tex revenue

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Consequences of Unemployment: Reductions in Living Standards

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Consequences of Unemployment: Greater income inequality

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AD & AS Factors that have influenced inflation, eco growth, unemployment, & living standards over the past 2 years

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