Economic Indicators Junior cycle

The four economic indicators we have studied are:

• Capital, enterprise, land, labour

• Inflation, Unemployment, Economic Growth, Interest Rates

• Financial Sustainability, Social Sustainability, Economic Sustainability

• Unemployment, Trade, Inflation, Demand

The labour force is defined as:

• People in the economy who are in paid employment.

• People between 16 and 65 who are willing and able to work.

• Anybody who is willing and able to work.

• People between 18 and 65 who are willing and able to work.

Unemployment is defined as:

• People who can't work due to a disability

• People who are willing to work but can't find work.

• Students and pensioners who do not work.

• People who don't work during a recession.

What type of unemployment is being explained here:

Unemployment that occurs when machines replace workers.

• Structural Unemployment

• Seasonal Unemployment

• Cyclical Unemployment

• Technological Unemployment

What type of unemployment is explained here:

Unemployment that occurs when the economy goes into a recession.

• Frictional Unemployment

• Recession Unemployment

• Cyclical Unemployment

• Voluntary Unemployment

When unemployment falls

• some people lose their jobs

• the government collect less taxes

• Government finances are put under pressure

• Easier for people to find jobs

Inflation is defined as:

• One shop increasing their prices.

• Prices rising, then falling.

• An increase in the general level of prices.

• A decrease in the general level of prices.

Demand pull inflation means inflation caused by:

• An increase in business costs.

• An increase in demand in the economy.

• A shift in demand.

• A movement in demand.

If inflation rises,

• The value of people's savings stays the same.

• Business planning is easier.

• Businesses will invest in expansion

• Goods become more expensive.

Interest rates are defined as:

• The method used by banks to make money,

• a method used by the government to reduce spending.

• The cost of borrowing.

• a method to reduce unemployment.