Business Key Terms Topic 5

?
  • Created by: Meghna
  • Created on: 24-05-13 16:52
Commodities
raw materials such as coal, oil, copper, iron ore, wheat and soya
1 of 20
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
2 of 20
Demand
the amount consumers are willing and able to buy at any given price
3 of 20
Supply
the amount sellers are willing to offer for sale at any given price
4 of 20
Shortage
when the demand for a good or service is greater than the supply. When a shortage exists, prices will tend to rise
5 of 20
Surplus
when the demand for a good or service is less than the available supply. When a surplus exists, prices will tend to fall
6 of 20
Goods markets
the market for everyday products such as clothes, foods, petrol, going to the cinema, a DVD etc
7 of 20
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
8 of 20
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 settling interest rates in the UK
9 of 20
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
10 of 20
Fixed interest rates
interest rates that stay they same over an agreed period of a loan
11 of 20
Exchange rate
the exchange rate is the price of buying a foreign currency. It tells you how much of the foreign currency you can get for every pound or how many pounds you have to give up to acquire the foreign currency
12 of 20
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
13 of 20
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
14 of 20
Economic activity
the amount of buying and selling that takes place in a period of time
15 of 20
The economy
the economic activity carried out by people and businesses in a country
16 of 20
Economic growth
rises in the rate of economic activity in an economy. It is measured by calculating the value of sales in an economy over a period of time
17 of 20
Business cycle
fluctuations in the level of economic activity over a period of time. Most economies experience times when economic activity is rising and others when economic activity is slowing
18 of 20
Recession
a situation when the level of economic growth is negative for two successive quarters
19 of 20
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
20 of 20

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 buy at any given price

Back

Preview of the back of card 3

Card 4

Front

the amount sellers are willing to offer for sale at any given price

Back

Preview of the back of card 4

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

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies & Economics resources:

See all Business Studies & Economics resources »