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10 Cards in this Set
- Front
- Back
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What are the 4 types of economy? |
• state controlled • market • mixed • open |
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What is a state controlled economy? |
Decisions are made solely by the Government. There are no incentives for efficiency or making profits. |
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What is a market economy? |
Supply & demand determine the type and quantity of goods that will be produced |
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What is a mixed economy? |
Combine elements of competing market forces and state intervention |
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What is an open economy? |
Few restrictions for foreign companies wanting to enter the domestic market |
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Who is responsible for setting the interest rate? |
The Monetary Policy Committee |
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What are the measures for inflation? |
RPI & CPI |
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What is the UK's inflation target? |
2% |
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What is GDP made up of? |
Consumer spending + government spending + investment + net exports |
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What is GDP made up of? |
Consumer spending + government spending + investment + net exports |
