6. Exports and imports cannot be touched or handled; they are services, e.g. insurance, banking or tourism
Invisible exports and imports
Leakages
Trade deficit
Balance of payments
7. Employees are organised into teams that share responsibility for production
Team working
Lean production
TQM
Kaizen
8. 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
MPC
Inflation
Base rate
Interest rates
9. The fluctuations in the levels and rates of growth of GDP over a period of time. It is sometimes referred to as the trade of business cycle
Economic cycle
Boom
Inflation
Economic growth
10. Occurs when there are at least two consecutive quarters of negative growth in GDP
Recovery
Downturn
Recession
Boom
11. When a firm makes a bid for another and secures over 50% of the shares. That firm effectively swallows up the other one
Vertical integration
Takeover
Conglomerate integration
Merger
12. Occurs when a firm is the only buyer or is big enough to behave like a monopsony. This means that it can drive down the price of inputs simply by refusing to pay more
Monopsony power
Monopsony
Monopoly
Monopoly power
13. Reduce production costs for all businesses in the industry
External economies of scale
Diseconomies of scale
Market orientation
Cost-push inflation
14. Occurs when several large firms dominate the industry
Monopsony
Oligopoly
Organic growth
Monopoly
15. The firm grows by joining with another firm by merger or takeover
Conglomerate integration
Inorganic growth
Organic growth
Vertical integration
16. Refers to employees' being involved in quality control and taking responsibility for the quality of their and their team's work
Total quality management (TQM)
JIT
Lean production
Kaizen
17. The Japanese word for continuous improvement. It summarises a whole company approach to quality control
Keynes
TQM
Kaizen
JIT
18. The highly influential economist who in the 1930s explained the importance of maintaining levels of aggregate demand during recessions
Keynes, J.M
Beck
Adam Smith
Maslow
19. The middle value in all incomes, %50% of incomes are above it, and 50% below
Disposable income
Median income
GDP
Mean income
20. Investment, government expenditure and exports - increased demand for domestically produced goods and services
