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2. Measured using either CPI, the headline rate and the basics for the government's target, or the RPI which includes housing costs, e.g. council tax and mortgage interest payments

  • Base rate
  • MPC
  • Inflation
  • Interest rates

3. Describes a situation where events are unpredictable and beyond the control of the business

  • Unemployment
  • Uncertainty
  • Risk
  • Instability

4. Refers to any system of production that minimises costs through eliminating waste

  • Kaizen
  • TQM
  • Lean production
  • Productive efficiency

5. The time taken from having an idea to selling the product to a consumer

  • Lead time
  • Time lag
  • Innovation
  • Product lifecycle

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