Economics
Quizzes & Activities
Supply-side policies (Quizlet Activity)
- Level:
- AS, A Level, IB
- Board:
- AQA, Edexcel, OCR, IB, Eduqas, WJEC
Last updated 22 Dec 2018
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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