2.3- Economic Climate Flashcards
1
Q
The economy
A
is made up of millions of individual consumers, many thousands
of businesses and governments. All take decisions on what to buy and produce.
2
Q
Consumers
A
are individuals who uses goods and services from business
3
Q
Economic climate
A
describes the state of key factors within a country such
as the level of goods and services produced and the number of jobs available.
4
Q
Interest rates
A
Cost of borrowing money
5
Q
Overdraft
A
Its a flexible loan which businesses can use
6
Q
Consumer spending
A
The value of goods and services bought buy a consumer ovr a time period
7
Q
Incone elastic products
A
Those whose sales are sensitive to change in consumers income
