Ecco exam Guide with verified questions and answers 2025/2025
Terms in this set (28)
Real gdp - 2.3%
Economic stats March 2023 inflafion - 7%
unemployment- 3.6%
technical efficiency We're average cost per unit is at its lowest and output is maximised
allocative efficiency goods and services produced that maximizes national welfare and living
standards
a measure of the overall cost of the goods and services bought by
Consumer Price Index (CPI)
a typical consumer (basket of goods)
mismatch of skills and jobs in the labour force as the pattern of
structural unemployment
labour demand changes
Price increases that result from an excess of demand over supply
Demand inflation
for the economy as a whole.
Many buyers and sellers, firms are price takers selling a
perfectly competitive market
homogenous product with low entry/exit barriers
Wording used for pes/ped Refers to the responsiveness of quantity ___ to a given change in price
direct tax a tax firms and individuals pays directly to the government I.e. income tax
A tax levied on one party but passed on to another for payment
Indirect tax
such as a excise tax placed on beer
A tax for which the percentage of income paid in taxes decreases as
regressive tax
income increases (more burden)
Unit 1 market failure by a Federal and state gave fossil fuel subsidies of 11.6 billion in 2021/22
government payment financial year
These are the aggregate supply side factors that can affect the current
Structural bop define account
balance, especially over the longer term, often by influencing costs and
international competitiveness.
Structural change example Decrease in proportion of company tax , climactic conditions
These are often short-term aggregate demand side factors that
Cyclical bop define cause the value of spending to rise or fall, that in turn alter the
value of net exports and hence the
balance on current account
Cyclical change example Change in ER or ecco growth overseas
Terms in this set (28)
Real gdp - 2.3%
Economic stats March 2023 inflafion - 7%
unemployment- 3.6%
technical efficiency We're average cost per unit is at its lowest and output is maximised
allocative efficiency goods and services produced that maximizes national welfare and living
standards
a measure of the overall cost of the goods and services bought by
Consumer Price Index (CPI)
a typical consumer (basket of goods)
mismatch of skills and jobs in the labour force as the pattern of
structural unemployment
labour demand changes
Price increases that result from an excess of demand over supply
Demand inflation
for the economy as a whole.
Many buyers and sellers, firms are price takers selling a
perfectly competitive market
homogenous product with low entry/exit barriers
Wording used for pes/ped Refers to the responsiveness of quantity ___ to a given change in price
direct tax a tax firms and individuals pays directly to the government I.e. income tax
A tax levied on one party but passed on to another for payment
Indirect tax
such as a excise tax placed on beer
A tax for which the percentage of income paid in taxes decreases as
regressive tax
income increases (more burden)
Unit 1 market failure by a Federal and state gave fossil fuel subsidies of 11.6 billion in 2021/22
government payment financial year
These are the aggregate supply side factors that can affect the current
Structural bop define account
balance, especially over the longer term, often by influencing costs and
international competitiveness.
Structural change example Decrease in proportion of company tax , climactic conditions
These are often short-term aggregate demand side factors that
Cyclical bop define cause the value of spending to rise or fall, that in turn alter the
value of net exports and hence the
balance on current account
Cyclical change example Change in ER or ecco growth overseas
