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Unit 1 QCF BTEC L3 Economic Environment Flashcards | StudBud
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Unit 1 QCF BTEC L3 Economic Environment
Unit 1 QCF BTEC L3 Economic Environment
11 terms
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StudBud Administration
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35 plays
P5 Economic environments
Flashcards
11 cards
F
Practice quiz
P
Host live
L
Questions
11
Answers
1
The typical economic cycle includes ............
Boom & recession
Peaks & troughs
rate of exchange
lots of money
2
GDP stands for ..........
Gross Domestic People
Grim Dull People
Gross Domestic Product
Great Devil People
3
High unemployment can mean ...........
high wages
low wages
4
High inflation means prices are .....................
rising
falling
5
If demand for a product is high then the price will generally .....
fall
not change
stay the same
rise
6
The UK minimum wage depends on age
True
False
7
A typical business wants economic stability
False
True
8
Interdependence means
two businesses do not rely on each other
two businesses rely on each other
9
Name a country with very high inflation
Venezuela
Zimbabwe
England
USA
10
A rising GDP shows that a country's economy is ..................
Growing
Shrinking
11
Supply and demand curves cross at the ..................
GDP point
unemployment point
break even point
equilibrium point
