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Unit 1 Eco Vocab
| Question | Answer |
|---|---|
| the total amount by which money spent by a business or government is more than the money it receives | deficit |
| an increase in prices over time, causing a reduction in the value of money | inflation |
| an economic system based on supply and demand, in which companies manage their own business, prices, profits, etc. without being controlled by government | free market |
| the amount of money that you have left when you sell more than you buy, or spend less than you receive | surplus |
| a situation in which an economy or business regularly goes through periods of increased activity and success followed by periods of failure | boom and bust |
| the study of the principles of running a business | business administration |
| the percentage amount that you pay for borrowing money, or get for lending money, for a period of time, usually a year | interest rate |
| an economic situation in which prices fall and there is a reduction in wages and government spending, and low levels of growth | deflation |
| a need for goods or services that customers want to buy or use | demand |
| the total value of goods and services produced in a country in a year | GDP |
| an amount of something that is available for use | supply |
| the total value of all the goods and services produced by a country in a particular year, including income from foreign investments | GNP |
Created by:
Mrs. B's English
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