Raw materials such as coal, oil, copper, iron core, wheat and soya.
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Commodity markets
Where buyers and sellers meet to exchange commodities - often these are international, organised markets, for example the London Metal Exchange and the New York Mercantile Exchange.
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Demand
The amount consumers are willing and able to but at any given price.
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Supply
The amount sellers are willing to offer for sale at any given price.
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Shortage
When the demand for a good or service is greater than the supply. When a shortage exists, prices will tend to rise.
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Surplus
When the demand for a good or service is less than the available supply. When a surplus exists, prices will tend to fall.
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Goods market
The market for everyday products such as clothes, food, petrol, going to the cinema, a DVD etc.
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Interest rate
The percentage reward or payment over a period of time that is given to savers or paid by borrowers on savings or loans.
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Bank of England
The central bank for the UK. Its role is to monitor the banking system and to be a banker to the banks. It is responsible for setting interest rates in the UK.
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Variable interest rates
Interest rates that can change over the lifetime of a loan depending on what is happening to other interest rates in the economy.
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Fixed interest rates
Interest rates that stay the same over an agreed period of a loan.
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Exchange rate
The exchange rate is the price of buying a foreign currency. It tells you how much of the foreign currency you will get for every pound or how many pounds you have to give up to acquire a foreign currency.
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Export
An export is the sale of a good or service to a foreign buyer that leads to a flow of money into the UK. The foreign buyer will have to change their currency into pounds to complete the purchase.
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Import
An import is the purchase of a good or service from a foreign business that leads to a flow of money out of the UK. The UK buyer will have to change pounds into the seller's currency to make the transaction.
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Economic activity
The amount of buying and selling that takes place in a period of time.
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The economy
The economic activity carried out by people and businesses in a country.
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Economic growth
Rises in the rate of economic activity in the economy. It is measured by calculating the value of sales in an economy over a period of time.
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Business Cycle
Fluctuations in the level of economic activity over a period of time. Most economies experience times when economic activity is rising and other when economic activity is slowing.
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Recession
A situation when the level of economic growth is negative for two successive quarters.
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Stakeholder
An individual or a group which has an interest in and is affected by the activities of a business; stakeholders have an interest in how the business operates and whether or not it is successful.
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Other cards in this set
Card 2
Front
Where buyers and sellers meet to exchange commodities - often these are international, organised markets, for example the London Metal Exchange and the New York Mercantile Exchange.
Back
Commodity markets
Card 3
Front
The amount consumers are willing and able to but at any given price.
Back
Card 4
Front
The amount sellers are willing to offer for sale at any given price.
Back
Card 5
Front
When the demand for a good or service is greater than the supply. When a shortage exists, prices will tend to rise.
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