AS economics unit

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The four main Economic Objectives in the UK are (in order): Economic growth – Economic growth is an increase in the productive capacity of the economy. Measured by real GAP (Gross Domestic Product). Price stability (low, stable rate of inflation) -If prices in an economy are constantly fluctuating/unstable, it creates uncertainty. Persistent or sustained increase in prices 0 inflation. Gob therefore aim for a low and stable rate; in the I-J the target is 2. And is measured by ICP (Consumer Price Index). Low unemployment – gob aim to minimize the no. Of people unemployed – if large amount, it means country is not using its labor resources efficiently e. G. Producing inside APP; measured by Claimant Count and the Labor Force Survey. Balance of Payments – record of money into and out the economy. Current account measures the value of X-M of goods and services. I-J has a deficit of current account (imports greater than exports) this more money flowing out than in the economy.

Other Economic Objectives: Lincoln Distribution – Lab party argue that large inequalities between rich and poor are unfair and need to be corrected e. G. Introducing app tax. Can correct by redistributive methods such as higher levels of income tax levied on rich. The rev raised can then be redistributed to poor e. G. Spending increased 0 benefits. The environment – consider environment when formulating economic policy e. G. Most of world’s gob have signed to Kyoto Protocol, global agreement to cut down greenhouse gas emissions.

Types of Economy/Philosophy Opined – Karl Marx – 1818-1883 – argued for state ownership of the means if production to promote equality to income. Mixed – John Maynard Keynes – 1883-1946 – argued that the gob should spend and tax more and have full employment. Aqua AS economics By Shininess’s The four main Economic Objectives in the I-J are (in order): 0 inflation. Gob therefore aim for a low and stable rate; in the UK the target is 2. 0% Hey there! HOW’s our app working for you? NEEDS WORK. Other common c GREAT!

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