Term
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Definition
| Average income from the sales of each individual good |
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Term
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Definition
| When the value of one currency rises in value to another |
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Term
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Definition
| A record of all financial transactions between the UK and the rest of the world |
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Term
| Balance payments (current account) deficit |
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Definition
| When the value of the UK's exports of goods and services are less then the value of imported goods and services |
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Term
| Balance of payments 9current account) surplus |
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Definition
| when the UK's exports of goods and services are greater than the values of imported goods and services. X > M. |
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Term
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Definition
| The part of the current account that records the sales and purchase of physical items between the UK and the rest of the world. |
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Term
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Definition
| Circumstances that could prevent a firm from successfully joining a market (selling a particular good or service. |
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Term
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Definition
| When government spending is greater than tax revenue (spending < tax). |
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Term
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Definition
| When government tax revenue exceeds expenditure (tax > spending). |
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Term
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Definition
| A financial institution which is entirely owned by its members. It offers banking and other financial services to these members |
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