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Economics Transition Work > Flashcards > Flashcards

Flashcards

1
Q

Treasury

A

Government department that is responsible for financial matters such as spending, tax , management of national debt and management of the economy

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2
Q

Chancellor of Exchequer

A

Chief finance minister of the UK. Reponsibilities includes raising revenue through tax, deciding tax levels ,deciding how much money the government can spend and setting inflation targets

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3
Q

Chancellor of Exchequer timeline (2010-2020)

A

George Osborne - Philip Hammond - Sajid Javid - Rishi Sunak

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4
Q

George Osborne

A

2010-2016

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5
Q

Philip Hammond

A

2016-2019

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6
Q

Sajid Javid

A

2019-2020

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7
Q

Rishi Sunak

A

2020 -

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8
Q

Base rate

A

The interest rate that a central bank such as the Bank of England will charge commercial banks for loans

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9
Q

Interest rate

A

The rate charged by a lender of money to a borrower

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10
Q

Inflation

A

The general rise in the price level of an economy over time

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11
Q

Target of inflation

A

The inflation rate set by the Monetary Policy commitee which is at 2% . Low and stable inflation is good for the economy

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12
Q

Economy

A

Refers to all activity related to production, consumption, and trade of goods and services in an area.

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13
Q

Richest countriest

A

Luxembourg , Singapore , Qatar

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14
Q

Poorest countries

A

Sierra Leone, Malawi , Madagascar

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15
Q

Fiscal Policy

A

Refers to the use of taxes and government spending to improve a country and its economy

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16
Q

Monetary Policy Comittee (MPC)

A

Committee of Bank of England, which meets eight times a year to decide the official interest rate.

17
Q

Confederation of British Industry

A

Non - profit organization that promotes UK businesses and also provides advice

18
Q

Inflation in UK June 2020 - August 2020

A

June - 0.6%
July - 0.4%
August - 0.2%

19
Q

How does the government collect and use

our money ?

A

The government collects our money through tax. Examples of tax include income tax , VAT , national insurance, corporation tax. Government spends most of our money on Social protection, health (£155 bn)and education

Economics Transition Work (1 decks)

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