International Competitiveness and Productivity (Edexcel A-Level Economics A): Flashcards
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Practise the cards
10 cards from this deck
Nominal exchange rate
Nominal exchange rate
Rate one currency exchanges for another, unadjusted for prices
Real exchange rate
Real exchange rate
Nominal rate adjusted for relative inflation rates
Labour productivity
Labour productivity
Output per worker or output per hour worked
Sterling effective exchange rate
Sterling effective exchange rate
Sterling vs weighted average of UK trading partners' currencies
Why GDP per hour worked better than GDP per head
Why GDP per hour worked better than GDP per head
Accounts for differences in working hours across countries
UK productivity as % of USA
UK productivity as % of USA
Approximately 83%
Total factor productivity
Total factor productivity
Average productivity of all factors (total output ÷ total inputs)
Unit labour costs
Unit labour costs
Average cost of labour per unit of output produced
When UK productivity fell short of trend
When UK productivity fell short of trend
Since 2008
UK's main productivity issue
UK's main productivity issue
Dissemination of new techniques and best practices