Topic 2.3 The Economic Climate Of Business Flashcards
What is the economy?
Economy is made up millions of individual consumers, many thousands of businesses and governenments. All take decisions on what to buy and produce.
What are consumers?
Consumers are individuals who buy goods and services from businesses.
What is the Economic Climate?
The Economic Climate describes the state of key factors within a country such as the level of goods and services produced and the number of jobs available.
What are Interest Rates?
Interests rates refer tp the cost of borrowing money or the rewards for saving money, expressed as a percentage.
What is an Overdraft?
An Overdraft is a flexible loan which businesses can use.
What is a legislation?
Is a set of rules that governs the way society operates.
What is the National Living Wage?
It is an hourly rate of pay which is set by the government. All employees above a certain age must recieve at least this rate of pay.
What is discrimination?
It is treating one person differently from another without having good reasons to.
What is a part-time employee
Someone who works for a proportion of the working week.
What is a trade union?
A group pf workers who act together to improve their pay and working conditions.
