Key Players in the Economy

Question 1

Who are the key players in the economy?

Answer 1

Government, Industry, Consumers, Central Bank, Civil Society

Question 2

How is the government involved in the economy?

Answer 2

The government set the rules for the economy that economic agents must follow.
The government produces some goods and services
The government provides support to business

Question 3

How is industry involved in the economy?
What is the typical company?

Answer 3

Businesses produce goods and services of which most are small and medium enterprises (SMEs). These are neither very small nor very large.

Question 4

How are consumers involved in the economy?

Answer 4

Buyers of goods and services are called consumers. Some economies are more reliant on consumers than others. The confidence of consumers impact the economy

Question 5

What is the central bank?

Answer 5

Each country has a central bank responsible for setting interest rates and acting as a banker to the banks. The first ever was the Bank of England

Question 6

What is the civil society?

Answer 6

Groups outside of the government and businesses are referred to as civil society. They include trade unions, NGOs, and charities