Business Studies GCSE (Edexcel) - Unit 1: Topic 1.5 Economic context

Question 1

When the demand for a good or service is greater than supply

Accepted Answer

Shortage

Question 2

The amount of buying and selling that takes place in a period of time

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Economic activity

Question 3

Who is responsible for setting the interest rate?

Accepted Answer

Bank of England

Question 4

The purchase of a good/service from a foreign business leading to a flow of money out of the UK

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Import

Question 5

The amount sellers are willing to offer for sale at any given price =

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Supply

Question 6

Individual or a group which has an interest in and is affected by the activities of a business

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Stakeholder

Question 7

A situation when the level of economic growth is negative for two successive quarters

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Recession

Question 8

The market for everyday products such as clothes, food, petrol, going to the cinema, a DVD etc

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Goods markets

Question 9

Fluctuations int he level of economic activity over a period of time

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Business cycle

Question 10

The price of buying foreign currency

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Exchange rate

Question 11

The economic activity carried out by people and businesses in a country

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The economy

Question 12

Interest rates that stay the same over an agreed period of a loan

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Fixed interest rates

Question 13

When the demand for a good or service is less than the available supply =

Accepted Answer

Surplus

Question 14

Interest rates that can change over lifetime of a loan

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Variable interest rates

Question 15

The sale of a good or service to a foreign buyer that leads to a flow of money into the UK

Accepted Answer

Export

Question 16

The cost of borrowing / the reward for investing

Accepted Answer

Interest rate

Question 17

The rise in the rate of economic activity in an economy. Calculating value of sales over time

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Economic growth

Question 18

Where buyers and sellers meet to exchange commodities

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Commodity markets

Question 19

The amount consumers are willing and able to buy at any given price =

Accepted Answer

Demand

Question 20

Raw materials such as coal, oil, copper, iron ore, wheat and soya are known as

Accepted Answer

Commodities

Questions 20