TOPIC 2 KEYTERMS 0.0 / 5 ? Business StudiesBusiness PlansASEdexcel Created by: [email protected]Created on: 26-09-17 14:23 ASPIRATIONS Things or experiences that people would like to have in the future. 1 of 22 ASSETS Things that a person or a business own. 2 of 22 BANK RATE The interest rate that the Bank of England uses when it lends money to other banks. 3 of 22 DEMOGRAPHIC CHANGES Changes to the size and structure of the population. 4 of 22 ECONOMIC BOOM A period when the country is producing and selling an increasing amount of goods or services. 5 of 22 INTEREST RATE The amount, expressed as percentage, that a financial service provider charges a borrower when it lends money, or pays to a saver. 6 of 22 INVESTMENTS Money paid into financial products; the aim is that the value of the product will grow over time. 7 of 22 LIFE ASSURANCE A type of insurance policy that pays out a sum of money if the insured person dies. 8 of 22 LIFE CYCLE The stages through which people pass between birth and death. 9 of 22 LIFE EXPECTANCY The number of years that people are expected to live on average, based on the year which they are born. 10 of 22 MORTGAGE A loan taken out to pay for a property, ususally over a long term. 11 of 22 NI CONTRIBUTIONS Money deducted from the pay of people who are employed or self employed and used by the government to fund state pensions and other benefits. 12 of 22 NEEDS Things that people need to survive. 13 of 22 OFFICE FOR NATIONAL STATISTICS The independent organisation that produces statistics on many aspects of life in the UK. 14 of 22 PENSION An income that people recieve after retiring from work. 15 of 22 RECESSION A period of at least 6 months when the amount of goods or services the country is producing is shrinking. 16 of 22 REDUNDANCY Losing a job because the business no longer needs wants or can afford that job to be done. 17 of 22 RISK AVERSE Reluctant to take any kind of risk. 18 of 22 RISK TOLERANT Willing to take a risk. 19 of 22 SHARES Investments that represent part ownership of a company. 20 of 22 WANTS Things that people would like to have but would survive without. 21 of 22 WILL A legal document setting out what a person wants to happen to their belongings after their death. 22 of 22
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