External Influences Flashcards
1
Q
Factors which prevent a business from entering and competing in a market
A
Barriers of entry
2
Q
The amount of a good that customers are willing and able to buy at a given price
A
Demand
3
Q
A payment from the government to suppliers which does not have to be paid back
A
Subsidies
4
Q
A market characterised by a few firms that dominate
A
Oligopoly
5
Q
The persistent general tendency for prices to rise
A
Inflation
6
Q
When individuals are willing and able to work but are unable to find a Jon
A
Unemployment
7
Q
The combined value of an individuals assets
A
Wealth
8
Q
Policy controlled by the government designed to influence the demand of the economy
A
Fiscal policy
9
Q
Refers to the sensitivity of demand to a change in price
A
Elasticity
