The National debt is the difference between taxation and public spending.
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Who sets the interest rates?
The interest rate are set by the Bank Of England.
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What is Fiscal Policy?
Fiscal policy is how much money the government decides to spend and the tax rates it sets.
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What are the four biggest public spending?
Four biggest area of public spending are education, welfare, healthcare and pensions.
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Who is responsible for all economics and financial matters.
The Chancellor of the Exchequer for all economics and financial matters.
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Define Economy:
The Economy is the money which flows between the individuals, government, banks and business. / The economy is the state of a country relating to the amount of money that is in the system and the production and consumption of goods and services.
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Other cards in this set
Card 2
Front
Who sets the interest rates?
Back
The interest rate are set by the Bank Of England.
Card 3
Front
What is Fiscal Policy?
Back
Card 4
Front
What are the four biggest public spending?
Back
Card 5
Front
Who is responsible for all economics and financial matters.
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