Term
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Definition
Average income from the sales of each individual |
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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 exported of goods and services are less than the value of imported good and services |
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Term
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Definition
Where a single frim dominates the market. A firm is said to have a legal monopoly if it has more than 25% of the market share |
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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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