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Economics

Quizzes & Activities

Supply-side policies (Quizlet Activity)

Level:
AS, A Level, IB
Board:
AQA, Edexcel, OCR, IB, Eduqas, WJEC

Here is a quizlet revision activity covering supply-side policies

Key terms to revise:

  • Aggregate supply: Total planned output of goods and services at a given time and price level.
  • Deregulation: Reducing barriers to entry to make the supply-side of an industry more competitive
  • Free-market policies: Policies to increase competitiveness and competition such as deregulation
  • Hysteresis: When a sustained period of low aggregate demand can cause permanent damage to the supply side
  • Income tax cuts: Lowering direct taxes to improve work incentives and productivity
  • Infrastructure: Capital investment in telecoms, rail, ports, roads, energy and other utilities
  • Interventionist policies: Involve interventions to overcome market failure(s) that might limit a country's supply-side potential
  • Labour market flexibility: Market for human resources characterised by short term employment contracts and unpredictable earnings
  • Labour productivity: A measure of efficiency e.g. output per hour worked
  • Long run aggregate supply (LRAS): Productive potential determined by state of technology, productivity, factor mobility and incentives
  • Privatisation: Involves selling state-owned assets to the private sector e.g. the Royal Mail in 2013
  • Shocks: Unexpected events that can affect both aggregate demand and supply
  • Trade liberalisation: Lowering import tariffs and eliminating quotas to increase competition in markets
  • Zero hours contracts: Workers employed without any guarantee about the amount of work they will have

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