Economics B definitions

1. payments made to the government by individuals and businesses to provide revenue for government spending such as income tax corporation tax and excise duty (8)
4. are sums of money paid by the government to a producer so that the price to the customer will be lower than it otherwise would be (9)
6. the price of one currency expressed in terms of another. it is determined by the interaction of demand for and the supple of the currency (8, 4)
10. the amount of a good or service that producers are willing and able to pay at a given price at a given time (6)

2. is total household spending on goods and services (12)
3. is a public authority or government agency responsible for enforcing government regulations (10, 4)
5. are goods and services produced domestically and sold in a foreign economy (7)
7. occurs when several large firms dominate the industry (9)
8. channel funds from savers to borrowers as well as operating a payments system (5)
9. the fluctuations in the levels of and rates of growth of GDP overtime, it is sometimes referred to as the trade or business cycle (8, 5)

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