Y11 Economics terms Revision

3. A long-term loan for the purchase of property
7. A charge applied to a loan as a percentage of the amount borrowed. It is the cost of borrowing money.
8. ______ good; A good for which the choice of one use does not require that another be given up.
9. the total of bank deposits and notes and coins in an economy.
11. ______economy that combine elements of market capitalist and of command socialist economic systems.
13. Term used to describe an organisation, such as a bank or credit union, that brings together customers who want to save money and others who wish to borrow it.
14. the main bank in an economy responsible for managing the stability of the national currency and the money supply.
15. also known as clearing banks, theses banks provide financial services to many individuals and businesses via the internet and through retail branches located in many towns and cities.
16. A function of money that is eroded when there is high or rapidly rising inflation in an economy

1. a cap or ceiling on the price firms are allowed to charge consumers for their products in a market regulated by a government.
2. Trading or swapping goods and services without money. This form of exchange requires a double coincidence of wants
4. The value of the best alternative forgone in making any choice.
5. A good money must be acceptable to fulfil this function.
6. the transfer of public sector organisations and activity to private firms
10. consumption of these type of goods is unhealthy for those use them because of the negative impacts it has on others
12. A price floor set by a government in a regulated market e.g: to reduce over consumption of an undesirable product by raising its market price.