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BTEC Business Level 3 Unit 1 Flashcards | StudBud

Explore/BTEC Business Level 3 Unit 1

BTEC Business Level 3 Unit 1

7 terms·StudBud Administration·206 plays

A #business #level 3 #unit 1 quiz to test knowledge and understanding of key terms

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Questions 7

Answers

1
What does GDP mean?
Gross Domestic Product
General Domestic Prices
Greater Domestic Product
Gross Department Profit
2
What is economic growth?
more money provided by government
increase in buildings
increase in the amount of goods and services
increase in population
3
What is the impact of low interest rates for Marks and Spencer?
The company profits are reduced
People spend more money goods
Higher unemployment
People spend less money on goods
4
What is fiscal policy?
Movement of goods and services from the country
Adjusting spending and taxes to influence the economy
Pricing structure of Marks and Spencer
Measures the increase in wages
5
What is monetary policy?
increase in the price of goods and services
process to restrict wages
controlling of the country's money
the business pricing system
6
What is the impact of a recession?
Higher unemployment
Increase in wages
More people spend money
Low unemployment
7
What is the impact of higher inflation?
More money available from government
Increase in the price of goods and services
Higher employment
Decrease in the price of goods and services