Treasury

Recession
economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
1 of 8
Inflation
general increase in prices and fall in the purchasing value of money
2 of 8
GDP
total value of goods produced and services provided in a country during one year.
3 of 8
Indirect Taxation
tax levied on goods and services rather than on income or profits
4 of 8
Direct Taxation
such as income tax, which is levied on the income or profits of the person who pays it, rather than on goods or services.
5 of 8
Office of Budget Responsibility
advisory non-departmental public body that the UK government established to provide independent economic forecasts and independent analysis of the public finances
6 of 8
Interest Rates
proportion of a loan that is charged as interest to the borrower
7 of 8
Bank of England and MPC
Monetary policy committee is a committee of the bank of England, which meets eight times a year to decide the official interest rates
8 of 8

Other cards in this set

Card 2

Front

Inflation

Back

general increase in prices and fall in the purchasing value of money

Card 3

Front

GDP

Back

Preview of the front of card 3

Card 4

Front

Indirect Taxation

Back

Preview of the front of card 4

Card 5

Front

Direct Taxation

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Journalism resources:

See all Journalism resources »See all Economic Terms resources »