2.3 - The economic climate of business Flashcards

1
Q

The economy

A

The economy is made up of millions of individual consumers, many thousands
of businesses and governments. All take decisions on what to buy and produce.

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2
Q

Consumers

A

Consumers are individuals who buy goods and services from businesses.

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3
Q

economic climate

A

The economic climate describes the state of key factors within a country such
as the level of goods and services produced and the number of jobs available

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4
Q

Interest rates

A
Interest rates refer to
the cost of borrowing
money or the reward for
saving money, expressed
as a percentage.
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5
Q

An overdraft

A
An overdraft is a flexible
loan which businesses
can use, whenever
necessary, up to an
agreed limit.
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6
Q

Consumer spending

A
Consumer spending
refers to the value of
goods and services
bought by consumers
over a time period,
usually a month or a year.
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7
Q

Income elastic

products

A
Income elastic
products are those
whose sales are sensitive
to changes in consumers
incomes.
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