KT22: 2.5.1 economic influences, 2.5.2 legislation Flashcards
1
Q
consumer demand
A
the levels of spending by consumers in general
2
Q
discretionary income
A
a person’s income after deducing taxes and fixed payments such as rent and utility bills
3
Q
economic climate
A
the atmosphere surround the economy
4
Q
GDP
A
gross domestic product is the value of all the goods and services produced in a country in a year
5
Q
real
A
changes in money excluding the distorting effect of changing prices. so a fall in real wages might be that wages are unchanged, but prices have risen
6
Q
recession
A
two or more quarters of negative growth
7
Q
cartel
A
an agreement between producers to control supply and therefore prices
8
Q
laissez-faire
A
‘let it be’
