Key Word Revision Cards

What is a market economy?

A planned economy is an economy that operates acoording to the forces of demand and supply, without interference by the state.

What is a planned economy

A planned economy is an economy that is controlled by the state.

An economy that is fartly left to the forces of demand and supply, and partly controlled by the state.

A measurement reflecting the number of people actively looking for, but unable to find work.

A general rise in the level prices.

Economic growth is a term used to indicate the increase of per capita gross domestic product (GDP) or other measure of aggregate income. It is often measured as the rate of change in GDP. Economic growth refers only to the quantity of goods and services produced.

People who have an interest in the organisation at any level, or at any distance both internal and external, eg customers, shareholders, clients, employees, landlords, board members, suppliers, contractors.

Fiscal policies are the regulations, plans and laws implemented by the government on all things related to the economy and spending.

The use of the money supply and/or the interest rate to influence the level of macroeconomic activity and other policy objectives including the balance of payments or the exchange rate.

To convert a private industry into one controlled by the government; To bring a concept such as a political issue or commercial campaign to the attention of the entire country.