economic climate Flashcards
1
Q
Interest rates
A
Cost of borrowing and the reward for saving
2
Q
Unemployment
A
The number of people without a job
3
Q
Consumer spending
A
The value of goods and services purchased by consumers over a given time period
4
Q
Production
A
The process of making good or service
5
Q
Income
A
The money that a business or individual takes in
6
Q
Income inelastic
A
A change in income has little/no impact on demand
7
Q
Income elastic
A
A change in income has a large impact on demand
8
Q
Income inelastic goods
A
- Bread
- Eggs
- Tobacco products
- Petrol
- Tap water
9
Q
Income elastic goods
A
- Sports cars
- Fine wine
- Luxury holidays
- Jewellery
- Tesco value beans
- Bus travel
