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Economic Variables and Their Relationships

The document discusses relationships between various economic variables including scarcity and choice, productivity and unemployment, average incomes and life expectancy, and how factors like technological advancement, price mechanisms, supply and demand, external costs, monetary policy, fiscal policy, trade, and multinational corporations impact economic outcomes. It aims to help students understand how different economic concepts interact with and influence one another.

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ananya.a.nambiar
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76 views3 pages

Economic Variables and Their Relationships

The document discusses relationships between various economic variables including scarcity and choice, productivity and unemployment, average incomes and life expectancy, and how factors like technological advancement, price mechanisms, supply and demand, external costs, monetary policy, fiscal policy, trade, and multinational corporations impact economic outcomes. It aims to help students understand how different economic concepts interact with and influence one another.

Uploaded by

ananya.a.nambiar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Worksheet 2: Relationships between economic variables

1 . Scaracity and choice


The existence of the basic economic problem – scarcity, means resources have alternative uses and
choices have to be made as to how to employ them to maximise economic welfare.

2 . Productivity and unemployment

3 . Average incomes and life expectancy

4 . Technological advancement and productive potential

5 . The price mechanism and resource allocation

6 . Increase in supply and equilibrium price

7 . External costs and market failure

8 . Inflation and store of wealth as a function of money

9 . Discrimination and wage differentials

© Cambridge University Press & Assessment 2023 vX 1


10 . Horizontal integration and economies of scale

11 . Increase in output and total costs

12 . Competitive markets and consumer choice

13 . Contractionary fiscal policy and economic growth

14 . Expansionary monetary policy and inflation

15 . Deregulation and aggregate supply

16 . National output and cyclical unemployment

17 . Real GDP per head and living standards

18 . Progressive taxation and poverty

© Cambridge University Press & Assessment 2023 vX 2


19 . Increase in population and optimum population

20 . Specialisation and free trade

21 . MNCs and unemployment

22 . PED and export revenue

23 . Current account surplus and GDP

© Cambridge University Press & Assessment 2023 v1 3

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