Unit 1.5 Key Terms

1. Rises in the rate of economic activity in the economy. It is measured by calculating the value of sales in an economy over a period of time (8, 6)
8. 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 (6)
9. 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 the purchase (6)

2. The amount consumers and willing and able to buy at any given price (6)
3. A situation when the level of economic growth is negative for two successive quarters (9)
4. Raw materials such as coal, oil, copper, iron ore, wheat and soya (11)
5. The economic activity carried out by people and businesses in a country (3, 7)
6. An individual or a group which has an interest in and is affected by the activities of a business; stakeholders have an interest in how the business operates and whether or not it is successful (11)
7. When the demand for a good or service is greater than the supply. When a shortage exists, prices will tend to rise (8)
10. The amount of buying and selling that takes place in a period of time (8, 8)

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