Vocabulary

Question 1

aggregate demand

Answer 1

the total demand for goods and serrvices in a specific market

Question 2

balance of trade

Answer 2

Difference between a countries value of exports and imports over a period of time

Question 3

bonds

Answer 3

A loan to a company or government that pays a fixed rate of interest

Question 4

budgetary policy

Answer 4

A macroeconomic or aggregate demand management strategy that uses governments estimations of of expected values and expenses

Question 5

cash rate

Answer 5

central banks interest rate when borrowing funds

Question 6

laissez-faire

Answer 6

no government interference in the economy

Question 7

mark-up

Answer 7

a fixed price increase to the cost price of goods and services to determine selling price

Question 8

regimen

Answer 8

a basket of goods and services whose prices are surveyed to calculate inflation

Question 9

charter

Answer 9

an official document describing the goals and principles of an organisation

Question 10

codified

Answer 10

laws that have been collected and organised, usually, in written form

Question 11

guarantor

Answer 11

a person who agrees to pay another person’s debt if they are unable or unwilling to pay themselves