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11 Cards in this Set
- Front
- Back
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Commodities |
Raw materials such as coal, oil, ect. |
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Commodity markets |
Where buyers and seller meet to exchange comodities |
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Demand |
The amount consumers are willing and able to buy at any given price |
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Supply |
The amount sellers are willing to offer for sale at any given price |
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Shortage |
When the demand for a good or service is greater then the supply. Causing price increase |
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Surplus |
When the demand for a good or service is less than the available supply. Causes prices to fall |
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Goods markets |
The market for everyday products such as clothes, food, ect. |
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Interest rate |
The percentage reward or payment over a period of time that is given to savers or payed by borrowers on savings or loans |
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Bank of England |
The central bank of the UK. Moniters the banking system, and sets interest rates in the uk |
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Variable interest rates |
Interest rates that change over the time of a loan to reflect the Interest rates in the economy |
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Fixed interest rates |
Interest rates that stay the same over an agreed period of a loan |
