Economics and business B Theme 2 definitions J-Z

1. government spending exceeds tax revenues and so borrowing occurs to make up shortfall (6, 6, 8)
5. the effects of inflation have been removed. real value is the nominal value minus the inflation rate (4, 5)
6. land,capital,enterprise, labour, skills, expertise, raw amterials, tools (9)
7. the mass of nich markets that extended as a result of consumer choice, with many small and larger businesses providing for small groups of consumers (4, 4)
9. only one firm in the market and no competition (8)
10. the value is expressed in numerical terms at current prices (7, 5)

2. the time taken between having the idea to selling the product to the consumer (4, 4)
3. a treaditional way of checking that goods are produced to an adequate standard (7, 7)
4. events are unpredictable and beyond the control of the business (11)
8. the Japenese word for continuous improvement. Summarises an approach to quality control (6)

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