Study Terms

Question 1

Employment levels

Answer 1

All the Labour Force which is all working people. If more people are working the economy is doing good and income is higher

Question 2

Interest rates

Answer 2

Interest rates are The cost of borrowing money expressed as a percentage of the amount borrowed or they are rewarded for money saved. IF the interest rate is high there will be less borrowing and spending and if its bow there will be more borrowing and Spending.

Question 3

National debt

Answer 3

The total amount of money that a countries goverment has borrowed. Tax may incense because of it and people will have to buy less goods and servees. Which is bad for businesses

Question 4

National income

Answer 4

Is the tatal value of all new goods and services producted within a Country in a year.

Question 5

Economic growth

Answer 5

Occurs when there is an increase in quality of goods and services produced from one year to the next

Question 6

Inflation

Answer 6

Inflation is a sustained increase in the general level of prices of goods and services from one year to the next.