How many definitions can you identify from the line- up in one minute? Click here to start Instructions

The number of people claiming unemployment- related benefits When a country imports a greater value of goods and services than it exports. Occurs when government spending is greater than tax revenues. Those who are of working age but are neither in work nor actively seeking work Economically inactive Click correct answer below Your time is up! Your final score is shown in the clock face above. Click here to try again. Your time is up! Your final score is shown in the clock face above. Click here to try again.

Bond The issue of new government debt is done by the central bank and involves selling debt to capital markets Infrastructure The transport links, communications networks other facilities essential for the efficient functioning of a country. BRIC economies Brazil, Russia, India and China – short hand for the rise of emerging markets. International Monetary Fund (IMF) An organisation of 186 countries, promoting global monetary cooperation. Budget deficit Occurs when government spending is greater than tax revenues. Investment Spending on capital goods including plant & machinery and infrastructure Business confidenceExpectations about the future of the economy.Labour supply The number of people able, available and willing to work at prevailing wage rates Claimant Count The number of people claiming unemployment- related benefits Liquidity The ease with which something can be converted to cash with little loss of value Comparative advantage Relative advantage that one country or producer has over another. Macroeconomic performance The overall performance in terms of output, prices, jobs, trade and living standards. Consumer confidence Expectations about the future including interest rates, incomes and jobs Marginal propensity to consume The proportion of any change in income that is spent rather than saved Consumer price index The government's preferred measure of inflation Monetary Policy Committee (MPC) Bank of England committee of 9 people, meets every month to set interest rates. Corporation TaxA tax on the profits made by companiesMoney supply The entire quantity of a country's commercial bills, coins, loans and credit Cost push inflation An increase in the price level caused by a sustained increase in firms’ costs of production Multiplier effect If there is an initial injection into the economy then the final increase in aggregate demand and real GDP will be greater. Credit crunch Where banks reduce lending to each other due to falling confidence that loans will be repaid. National debt The total amount of debt that the government owes the private sector Current account The overall balance of credits minus debits for trade in goods, trade in services, investment income and transfers Nationalisation Bringing a privately owned asset such as a company under state control Cyclical unemployment Unemployment caused by a lack of aggregate demand for goods and services. Output gap Difference between actual and potential national output. Deflation A persistent fall in the general price level of goods and services Phillips Curve A statistical relationship between unemployment and inflation Depreciation A fall in the market value of one exchange rate against another Productivity A measure of efficiency e.g. output per person employed or output per person-hour Deregulation Reducing barriers to entry in order to make a market more competitive Protectionism Restricting trade through tariffs and other forms of import controls Developing country Countries generally lacking a high degree of industrialisation and/or other measures of development Quantitative easing (QE) The introduction of new money into the national supply by a central bank. Disposable income Gross income less income tax and national insurance contributions plus cash welfare benefits. Quota A physical limit on the quantity of a good that can be imported into a country Economic cycle Variations in the annual rate of growth of an economy over time Recession A period of at least six months when an economy suffers a fall in output. Economically inactive Those who are of working age but are neither in work nor actively seeking work RedundancyTo end a worker’s employment. Emerging marketsThe financial markets of developing countriesRetail Price Index (RPI) A measure of inflation that includes mortgage repayments and some taxes. Fiscal policy A government's policy regarding taxation, borrowing and public spending. Structural unemployment Unemployment that results from the decline in a particular industry. Foreign direct investment FDI is investment from one country into another. Tariff A tax on imported products which may be ad valorem (%) or a specific tax (a set amount per unit imported). Free trade When trade is allowed to occur without any form of restriction such as a tariff Time lags The time it takes for one change e.g. a change in interest rates to affect other variables e.g. consumer confidence and spending Full employment When there enough job vacancies for all the unemployed to take work Toxic debtLoans that may not be repaid. GDP Total value of output in the UK and is used to measure change in economic activity Trade deficit When a country imports a greater value of goods and services than it exports. Globalisation The deepening of relationships between countries of the world. Trend growthThe long run average growth rate. Government debt The total stock of unpaid debt issued by a government. Unemployment trap When the prospect of the loss of unemployment benefits dissuades those without work from taking a new job. Immobility of labour Barriers to the movement of people between areas and between jobs World Bank A source of financial and technical assistance to developing countries. Inflation A sustained increase in the general price level for goods and services World Trade Organisation Oversees trade agreements, negotiations and disputes between member countries

Instructions: When opening this file you will be prompted to enable ‘macros’. Ensure that you do enable macros. Start the slideshow from slide 1. Click on ‘Click here to start’. The activity starts immediately. A key phrase is shown in the black box towards the top of the screen. Four possible definitions will be shown next to the four men in the line-up. One of the four is the correct answer and the other three are incorrect. The ‘clock’ hand will be turning. A score of zero will be shown on the clock face. Click on the answer that you think correctly defines the key phrase. If you are correct, another phrase (plus 4 possible answers) will appear and the score will increase by one. If you are incorrect, a red warning box will appear – click on this to reveal the four possible answer and choose an alternative answer until you choose the correct answer! After one minute the clock will stop and the game ends. Click on the main box to start again. Instructions: When opening this file you will be prompted to enable ‘macros’. Ensure that you do enable macros. Start the slideshow from slide 1. Click on ‘Click here to start’. The activity starts immediately. A key phrase is shown in the black box towards the top of the screen. Four possible definitions will be shown next to the four men in the line-up. One of the four is the correct answer and the other three are incorrect. The ‘clock’ hand will be turning. A score of zero will be shown on the clock face. Click on the answer that you think correctly defines the key phrase. If you are correct, another phrase (plus 4 possible answers) will appear and the score will increase by one. If you are incorrect, a red warning box will appear – click on this to reveal the four possible answer and choose an alternative answer until you choose the correct answer! After one minute the clock will stop and the game ends. Click on the main box to start again.