Automatic stabilisers - Study guides, Revision notes & Summaries

Absolute Advantage When a country can produce a good more cheaply in absolute terms than another country. Absolute Poverty When people are unable to afford sufficient necessities to maintain life; those on less than $1.90 a day. Aid When a country voluntarily transfers resources to another or gives loans on a concessionary basis. Appreciation An increase in the value of the currency using floating exchange rates. Asymmetric Information When one party has more knowledge than another; thi...

Absolute advantage - ANSWERSWhen a country's output of a product per unit of input is greater than that of any other country. Absolute poverty - ANSWERSWhen a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) - ANSWERSThe total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. Aggregate Supply (AS) - ANSWERSThe total amount of goods...

Absolute advantage - ANSWERSWhen a country's output of a product per unit of input is greater than that of any other country. Absolute advantage - ANSWERSWhen a country's output of a product per unit of input is greater than that of any other country. Absolute poverty - ANSWERSWhen a person does not have the income or wealth to fulfil their basic needs. Absolute poverty - ANSWERSWhen a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) - AN...

Absolute advantage - ANSWERSWhen a country's output of a product per unit of input is greater than that of any other country. Absolute poverty - ANSWERSWhen a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) - ANSWERSThe total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. Aggregate Supply (AS) - ANSWERSThe total amount of goods...

Edexcel A-Level Economics A: DefinitionsEdexcel A-Level Economics A: DefinitionsEdexcel A-Level Economics A: Definitions Absolute advantage - ANSWER-When a country's output of a product per unit of input is greater than that of any other country. Absolute poverty - ANSWER-When a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) - ANSWER-The total demand/spending in an economy at a given price level over a given period of time. Made up of consu...

Edexcel A-Level Economics Complete Questions And 100% Verified Answers Absolute advantage When a country's output of a product per unit of input is greater than that of any other country. Absolute poverty When a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) The total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. Aggregate Su...

Edexcel A-Level Economics Exams 2024 Questions & Answers 100% verified! Absolute advantage - ANSWERSWhen a country's output of a product per unit of input is greater than that of any other country. Absolute advantage - ANSWERSWhen a country's output of a product per unit of input is greater than that of any other country. Absolute poverty - ANSWERSWhen a person does not have the income or wealth to fulfil their basic needs. Absolute poverty - ANSWERSWhen a person does not have the ...

Absolute advantage - When a country's output of a product per unit of input is greater than that of any other country. Absolute poverty - When a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) - The total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. Aggregate Supply (AS) - The total amount of goods and services that can...

Actual economic growth The rate growth of GDP in a period Aggregate demand The total amount of spending on goods and services produced in an economy during a period of time Aggregate demand curve The relationship between the AD and the overall price level; it shoes planned expenditure at any given possible overall price level Automatic stabilisers Effects by which government expenditure adjusts to offset the effects of recession and boom without the need for active inter...

Edexcel A-Level Economics Complete Questions And 100% Verified Answers Absolute advantage When a country's output of a product per unit of input is greater than that of any other country. Absolute poverty When a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) The total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. Aggregate Su...