Term
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Definition
| average income from the sales of each individual good (total revenue/quantity) |
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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 of payments (current account) deficit |
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Definition
| When the value of the UK’s exports of goods and services are less than the value of imported goods and services. X > M. |
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Term
| Balance of payments (current 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
| The interest rate set by the bank of England that influences market interest rates. |
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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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Term
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Definition
| The machinery and tools used in the creation of goods and services. This could include a factory or a coffee machine. The payment for capital is interest. (This is usually because it is purchased using borrowed money.) |
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Term
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Definition
| Measures unemployment by the number of individuals claiming unemployment benefit that week. |
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Term
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Definition
| Measures unemployment by the number of individuals claiming unemployment benefit that week. |
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Term
| Commercial banks (also known as high street or retail banks) |
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Definition
| these look to make profits by selling financial services to households and businesses. |
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Term
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Definition
| A market where a wide variety of producers are competing with each other to supply goods and services. |
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Term
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Definition
| Two goods which are often consumed together. Examples could include strawberries and cream or milk and cereal. |
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Term
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Definition
| A person who purchase goods and services for personal use. |
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