Unit 3 Topic 3 Flashcards
Name the method by which state benefits are paid directly into a bank account.
Automatic credit transfer
Who are the Competition and Markets Authority? (CMA)
The body responsible for strengthening business competition and preventing and reducing anti-competitive activities.
What is this referring to?
Where the buying and selling of goods and services is the most important social and economic activity.
Consumer culture
What is consumer demand?
The amount individuals are spending on goods and services they are consuming, funded by their incomes, savings and borrowing.
Which legislation is this referring to?
Legislation that aims to prevent businesses from misleading consumers about the goods and services they are offering and from using aggressive sales techniques to pressure people into buying from them.
Consumer Protection
from Unfair Trading
Regulations 2008
What is this referring to?
The amount businesses are spending on the goods and services they are consuming, funded by their revenue, savings, borrowings and
capital injections from investors.
Corporate demand
What does a ‘credit crunch’ refer to?
A reduction in the availability of loans or a tightening of the
conditions needed to obtain one.
What do demographics refer to?
Statistical data relating to population, eg in terms of age, sex, ethnicity, culture, social status and geography.
What does devaluation refer to?
A deliberate reduction in the value of a currency in relation to other currencies, carried out as part of a government’s economic policy.
What is the digital divide?
Economic inequality caused by a lack of access to, use of, or knowledge of internet technology.
What is an equity loan?
A loan secured on a mortgaged property.
Which legislative act is this referring to?
A legislative act of the European Union, which requires member
states to achieve a particular result without dictating the means of achieving that result.
EU Directive
What is an EU regulation?
A legislative act of the European Union that becomes immediately enforceable as law in all member states simultaneously.
What is the European Union? How many member states does it consist of?
An economic and political union
27 member states
What are exports?
Goods and services produced in one country and sold to another.
What is an exchange rate?
The price of one currency in terms of another.
What are the FCA responsible for doing?
Regulating financial firms providing services to consumers and maintaining the integrity of the UK’s financial markets.
Define ‘financial exclusion’
The inability to get access to even the most basic financial services products and services.
What are external factors?
Factors over which individuals have little or no control, such as
interest rates and inflation.
What is this reffering to?
How the government manages the amount of money it raises in
taxation, the amount it borrows on the financial markets, and the
overall amount it spends.
Fiscal policy
What is a floating exchange rate?
Where the value of a currency is determined by the supply of and
demand for that currency.
Who does ‘grey culture’ refer to?
The older section of the population.
What does sub-prime market refer to?
Lending to and borrowing by consumers with untested or poor credit histories.
What age bracket does the term ‘youth culture’ refer to?
teens and earlier 20s
