UK Economy - In Recession Free Essay, Term Paper and Book Report
The last 18 months have been some of the most frantic in economic terms since 1992. As the recession bit, GDP fell along with general living standards, relative wealth and most importantly consumer confidence.
When measuring how an economy is doing, there are 4 key economic performance objectives. These are aims that a free market economy such as The UK strives to achieve. They are as follows: High levels of employment, low and stable positive inflation, steady and sustainable positive economic growth and balance of payments.
Employment is a key indicator of the state of an economy. High employment is what is desired, as this, when ceteris paribus applies (ignoring foreign, low paid labour) often pushes up wages and makes people wealthier overall. They then have more disposable income and spend more, stimulating economic growth. However, as labour makes up a huge percentage of a company's expenditure, this tends to be the thing that goes first when recession hits and money is tight. According to the Labour Force Survey, it is estimated that there are currently to the o......
Word Count: 1951
Page Count: 7.8 (250 words a page / double spaced)
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