economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
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Inflation
general increase in prices and fall in the purchasing value of money
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GDP
total value of goods produced and services provided in a country during one year.
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Indirect Taxation
tax levied on goods and services rather than on income or profits
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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.
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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
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Interest Rates
proportion of a loan that is charged as interest to the borrower
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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
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Other cards in this set
Card 2
Front
Inflation
Back
general increase in prices and fall in the purchasing value of money
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