key terms 3.0 / 5 based on 1 rating ? Business Studies & EconomicsGCSEEdexcel Created by: CheeseiomCreated on: 15-01-13 14:35 the economy the total of business ransactions 1 of 24 Economic growth More businesses, More jobs, More spending, More tax for goverment so more spending on development 2 of 24 Economic Decline Recession, businesses close, less jobs, less spending therefore less tax for goverment so less spendinn on development 3 of 24 Planned economy Communist, Goverment owns everything 4 of 24 Market economy Capitalist, private individual's own ther business 5 of 24 Stakeholders any one who have an intrest in a business 6 of 24 Externalities Positive and negative effects of a business action 7 of 24 Basic needs Food, water and shelter 8 of 24 Absolute poverty unable to meet basic needs 9 of 24 Relative poverty Low income and are unable to live as well as others in community 10 of 24 MEDC More economically developed country 11 of 24 LEDC Less economically developed country 12 of 24 Inflation rises in prices throughout the economy 13 of 24 Cost Push prices of raw materials increases 14 of 24 Demand Pull Businesses feel that customers are willing to buy more, so they put up prices. 15 of 24 Interest rates the cost of borrowing 16 of 24 Import Products purchased from abroad 17 of 24 Export Products sold to foreign countries 18 of 24 Exchange rates the value of another currency compared to the pound 19 of 24 Merger two companies agree to join by agreement 20 of 24 Take over one company buys enough of another company's shares to take control 21 of 24 Monopoly One business controls all of the market 22 of 24 oligopoly when the market is dominated a few, large businesses 23 of 24 Competitive markets where there are many, small businesses 24 of 24
GCSE Business studies unit 5 - intro to economic understanding revision notes 4.5 / 5 based on 17 ratings
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