The economic climate on 50% businesses

Question 1

The ecomony

Answer 1

Is made up of millions of individual consumers many thousands of businesses and governments. All take decisions on what to buy and produce

Question 2

Consumers

Answer 2

individuals who buys goods and services from businesses

Question 3

Economic climate

Answer 3

Describes the state of key factor we were in a country such as the level of goods and services produced and the number of jobs available

Question 4

Income elastic products

Answer 4

I don’t use sales are sensitive to change and consumers incomes

Question 5

Consumer spending

Answer 5

Refers to the value of goods and services brought by customers over a time period usually a month or a year

Question 6

Overdraft

Answer 6

Is it flexible below in which businesses can use whenever necessary up to agreed limit

Question 7

Interest rates

Answer 7

Whether to do the cost of borrowing money or the award for saving money expresses as a percentage

Question 8

Disposable income

Answer 8

• When a worker receives their wages they will have to pay tax and national insurance
• What is left is called their disposable income

Question 9

Discretionary income

Answer 9

• Now they have to pay all their bills, electric, gas, water, food and rent
• What is left is called their discretionary income – they can use this for the cinema or a Big Mac..

Question 10

unemployment

Answer 10

The number of people willing to work but out of work and seeking work