Microeconomic Decision Makers - Individual Flashcards
Barter
system of trade through exchanging items or swapping items
Cash
Notes and Coins
Central bank
the governments bank responsible for issuing money and setting interest rates.
Checking account/Current account
Instant access account, used for routine or regular transaction
Commercial Banks
high street banks that offer a range of accounts for personal use or for the use of firms.
Credit cards
electronic payment card that allows users to make purchases with borrowed money that can be paid at a later date.
Debit cards
electronic payment card linked to current/checking account that has the funds to make the transaction.
Disposable income
the money that is left after paying taxes that can be either spent or saved
Liquidity
the ability for and item/asset to be exchanged for cash with no loss of value.
Money
commodity that is universally accepted for as payment for all goods and services.
Money supply
the sum of the notes, coins and deposits in banks & financial institution.
Piece rate
payment based on the quantity produced
Salary
Annual payment total that is paid monthly
Specialisation
Working on specific stage/stages of production in the aim of increasing productivity & lowering costs.
Stock exchange
organisation that facilitates the buying and selling of shares in Public & Private Limited Companies.
