2.3 Flashcards
1
Q
The economy
A
made up of millions of different customers and many thousand businesses and governments all deciding on what to sell and buy
2
Q
Economic climate
A
the state of key factors which affect the economy such as number of jobs available
3
Q
intrest rates
A
Refers to the cost of borrowing money or the reward for saving money in a percentage
4
Q
overdraft
A
a flexible loan which businesses can use whenever necessary up to a limit
5
Q
consumer spending
A
refers to the valie of the good and services bought by the customer over a period of time
6
Q
Income elastic products
A
those whose sales are sensitive to customer income
