key terms

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  • Created by: Cheeseiom
  • Created on: 15-01-13 14:35
the economy
the total of business ransactions
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Economic growth
More businesses, More jobs, More spending, More tax for goverment so more spending on development
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Economic Decline
Recession, businesses close, less jobs, less spending therefore less tax for goverment so less spendinn on development
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Planned economy
Communist, Goverment owns everything
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Market economy
Capitalist, private individual's own ther business
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Stakeholders
any one who have an intrest in a business
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Externalities
Positive and negative effects of a business action
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Basic needs
Food, water and shelter
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Absolute poverty
unable to meet basic needs
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Relative poverty
Low income and are unable to live as well as others in community
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MEDC
More economically developed country
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LEDC
Less economically developed country
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Inflation
rises in prices throughout the economy
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Cost Push
prices of raw materials increases
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Demand Pull
Businesses feel that customers are willing to buy more, so they put up prices.
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Interest rates
the cost of borrowing
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Import
Products purchased from abroad
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Export
Products sold to foreign countries
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Exchange rates
the value of another currency compared to the pound
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Merger
two companies agree to join by agreement
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Take over
one company buys enough of another company's shares to take control
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Monopoly
One business controls all of the market
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oligopoly
when the market is dominated a few, large businesses
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Competitive markets
where there are many, small businesses
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Other cards in this set

Card 2

Front

More businesses, More jobs, More spending, More tax for goverment so more spending on development

Back

Economic growth

Card 3

Front

Recession, businesses close, less jobs, less spending therefore less tax for goverment so less spendinn on development

Back

Preview of the back of card 3

Card 4

Front

Communist, Goverment owns everything

Back

Preview of the back of card 4

Card 5

Front

Capitalist, private individual's own ther business

Back

Preview of the back of card 5
View more cards

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