Global Economics Vocabulary

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Across

1. the knowledge and skills of the labour force (5, 7)
4. the difference between actual and potential output of an economy. (6, 3)
5. an agreement between two or more countries to abolish tariffs on trade between them (4, 5, 4)
6. Business strategy that limits the risk that losses are made from changes in the price of currencies or commodities (7)
8. the amount of finished goods that firms hold in order to be able to satisfy increases in demand (6)
10. the sustained increase in the general level of prices, measured in the UK by changes in the cost of a basket of goods and services bought by a typical household (CPI), weighted according to the expenditure on each item in the basket (9)

Down

2. an exchange rate system in which the value of one currency has a fixed value against other countries. This fixed rate is often set by government (5, 8, 4)
3. exists when firms in the economy are capable of producing more output than they are actually producing (5, 8)
7. where economic integration results in high-cost domestic production being replaced by imports from a more efficient source within the economically integrated area (5, 8)
9. when income is below the level that would allow someone to enjoy some agreed minimum standard of living. WB defines 'extreme poverty' as less than $1 a day PPP and 'moderate' as less than $2 per day PPP (7)

Comments

davidsalter

Report Tue 17th December, 2013 @ 10:24

This is a set of 126 flash cards covering the whole economics specification up to unit 4. Definitions are accurate and they can be used for solo or joint revision.

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Global Economics Vocabulary

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