where buyers and sellers meet to exchange commodities.
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Demand
price that consumers are willing to buy at.
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Supply
amount that sellers are willing to sell at a given price.
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Shortage
when demand exceeds supply.
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Surplus
when supply exceeds demand.
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Goods Market
the market for everyday goods such as food.
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Interest rate
The percentage reward or payment over a period of time that is given to savers or paid by borrowers on saving or loans.
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Variable Interest rates
Interest rates that can change over the lifetime of a loan depending on what is happening to other interest rates in the economy.
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Fixed Interest rates
Interest rates that stay the same over an agreed period of a loan.
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Bank of England
The central bank for the UK. Its role is to monitor the banking system and to be a banker to the banks. It is responsible for setting interest rates in the UK.
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Exchange rate
The exchange rate is the price of buying a foreign currency. It tells you how much of the foreign currency you will get for every pound or how many pounds you have to give up to acquire a foreign currency.
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Export
An export is the sale of a good or service to a foreign buyer that leads to a flow of money into the UK. The foreign buyer will have to change their currency into pounds to complete a purchase.
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Import
An import is the purchase of a good or service from a foreign business that leads to a flow of money out of the UK. The UK buyer will have to change pounds into the seller's currency to make the transaction.
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Business Cycle
fluctuations in the level of economic activity over a period of time. Most economies experience times when economic activity is rising and others when economic activity is slowing.
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The Economy
the economic activity carried out by people and businesses in a country.
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Economic Growth
rises in the rate of economy activity in an economy. It is measured by calculating the value of sales in an economy over a period of time.
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Recession
a situation when the level of economic growth is negative for two successive quarters.
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Stakeholder
An individual or group which has an interest in and is affected by activities of a business; stakeholders have an interest in how the business operates and whether or not it is successful.
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Other cards in this set
Card 2
Front
where buyers and sellers meet to exchange commodities.
Back
Commodities Market
Card 3
Front
price that consumers are willing to buy at.
Back
Card 4
Front
amount that sellers are willing to sell at a given price.
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