economic growth
This is when the rate of actual economic growth exceeds the trend rate of growth and the output gap is narrowed
What is boom?
This sector includes industries involved in the extraction of raw materials
What is the primary sector?
If an economy is operating at full employment, it will be here on its production possibility curve
What is on?
This type of inflation is a fall in the rate at which the price level is rising - the price level will still be rising but at a lower rate
What is disinflation?
This is the smallest account in the balance of payments (<0.1% of GDP)
What is the capital account?
These types of countries are more likely to grow at a faster rate than those that are economically developed
What are less developed countries?
The UN's Sustainable Development Goals include this many goals
What is 17?
The Claimant Count replaced this benefits system
What is Universal Credit?
This is the measure that was replaced by CPI in 2003
What is the Retail Price Index?
Net income from investment abroad in the current account can be defined as this type of income
What is primary?
Gross domestic product at current prices
What is nominal GDP?
Economic growth can stimulate development by the improvement of public services that is caused by this
What is higher government taxation receipts?
What is the hysteresis effect?
This type of inflation is caused by the money stock growing more rapidly than real output
What is persistent inflation?
A sustainable balance of payments position is concerned with this account
What is the current account?
A change in this affects the supply-side of the economy
What is factor input costs?
Investment in this will aid geographical mobility, and reduce geographical divides
What is infrastructure?
Operating at full employment runs the risk of experiencing this type of inflationary pressure
What is demand-pull?
This term defines when lower prices result in households and firms delaying purchases in the expectation that prices will fall further in the future
What is the deflationary spiral?
This is the inflow of money into equity markets or the purchase of property or other assets
What is portfolio investment?
A reduction in this kind of poverty levels is a benefit of economic growth
What is absolute?
This is the measure of happiness
What is the Easterlin Paradox?
This is the proportion of working age people who are in employment or actively seeking employment
What is the labour market participation rate?
This type of cost is when resources wasted because you are trying to avoid holding money
What is shoe leather costs?
Remittances and government transfers of social payments are also recorded in this sub-section of the balance of payments
What is net transfers?