KEY TERMS

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Inflation
A rise in prices
1 of 24
Exchange rate depreciation
Makes exports cheaper
2 of 24
External cost
also called a negative externality
3 of 24
Minimum wage
this is lower in Asia, than it is in europe
4 of 24
Boom
A period of high growth and probable inflation
5 of 24
Exchange rate
The price of one currency, in terms of another
6 of 24
Growth
Another word for recovery
7 of 24
Competition
Lots of this, could make your product more price elastic
8 of 24
Slump
A period of falling GDP
9 of 24
Fiscal Policy
using Taxation and Government Spending to control GDP
10 of 24
Employment law
Minimum wage, working hours and anti discrimination areas of...
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unemployed
People who are willing to work, but cannot find a job
12 of 24
Taxation
Money paid to the government
13 of 24
Multinational Company
Uses factors of production in more than one country
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Interest Rates
The cost of borrowing, or reward for saving
15 of 24
Trade Union
Groups of workers who come together to protect their interests
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Pressure Group
Greenpeace is an example of this
17 of 24
Exchange rate appreciation
makes exports more expensive
18 of 24
Quota
A limit on the number of imports
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Recession
The lowest point in the Economic Cycle
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G.D.P
Gross Domestic Product
21 of 24
Tariff
A tax on imports
22 of 24
Monetary Policy
Using Interst rates to control GDP
23 of 24
Ethics
Judgements about what is morally right or wrong
24 of 24

Other cards in this set

Card 2

Front

Makes exports cheaper

Back

Exchange rate depreciation

Card 3

Front

also called a negative externality

Back

Preview of the back of card 3

Card 4

Front

this is lower in Asia, than it is in europe

Back

Preview of the back of card 4

Card 5

Front

A period of high growth and probable inflation

Back

Preview of the back of card 5
View more cards

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