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 Bristol Free School

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Definitions and Meanings

Topic 1.5 Understanding external influences on business

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Market Economy Producers and consumers are free to produce and consume as they wish. Government role is very small. Planned economy An economic system where the government decides what will be produced. Usually the government owns the businesses.
The regular pattern of upturns and downturns in demand and output within the economy.
The increase in the total amount of goods and services produced by all firms in the economy.
The number of people registered as out of work.
The cost of borrowing money or the reward for saving money
Commercial transactions conducted electronically on the Internet.
The Business Cycle
Economic growth
Interest rates