12-13 Flashcards
fiscal policy
using changes in taxation and government expenditure to control the economy
lay off (staff)
make employees redundant
social security payments
money taken by the british government from people’s wages to pay for the system of payments to people who are unemployed or ill
anti-competitive practices
(restrictive trade practices) attempts by firms to prevent or restrict competition
barriers to entry
restrictions that mean it is difficult for new firms to enter a market
merger
2 or more businesses joining together to form one new firm
sustainable development
idea that people should satisfy their basic needs and enjoy improved living standards without compromising the quality of future generations
urbanisation
process of constructing more and more buildings on rural land
capital-intensive
use of relatively more machinery than labour in production
budgetary measures
actions taken by the government to influence business and the economy
budget
an official statement that a government makes about how much it intends to spend and what the rates of taxes will be for the next year
tax allowences
part of income that is not taxed
protectionism
use of trade barriers to protect domestic producers
infant industries
new industries that are yet to be established
dumping
where a business sells goods in another country often below cost
trade barriers
measures designed to restrict trade
quota
physical limit on the quantity of imports allowed into a country
subsidy
financial support given to a domestic producer to help compete with overseas firms
interest
price of borrowed money(and the reward savings)
monetary policy
using changes in interest rates and the money supply to manage the economy
