1.5 Keywords - Understanding the economic context

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Commodities	Raw materials such as coal, oil, copper, iron ore, wheat and soya.
Commodity markets	Where buyers and sellers meet to exchange commodities – often these are international, organised markets, for example the London Metal Exchange and the New York Mercantile Exchange.
Demand	The amount consumers are willing and able to buy at any given price.
Supply	The amount sellers are willing to offer for sale at any given price.
Shortage	When the demand for a good or service is greater than the supply. When a shortage exists, prices will tend to rise.
Surplus	When the demand for a good or service is less that the available supply. When a surplus exists, prices will tend to fall.
Goods market	The market for everyday products such as clothes, food, petrol, going to the cinema, a DVD etc.
Interest Rate	The percentage reward or payment over a period of time that is given to savers or paid by borrowers on savings or loans.
Bank of England	The central bank for the UK. Its role is to monitor the banking system and to be a banker to the banks. It is responsible for setting interest rates in the UK.
Variable interest rates	Interest rates that can change over the lifetime of a loan depending on what is happening to other interest rates in the economy.
Fixed interest rates	Interest rates that stay the same over an agreed period of a loan.
Exchange rate	The exchange rate is the price of buying a foreign currency. It tells you how much of the foreign currency you will get for every pound or how many pounds you have to give up to acquire a foreign currency.
Export	An export is the sale of a good or service to a foreign buyer that leads to a flow of money into the UK. The foreign buyer will have to change their currency into pounds to complete the purchase.
Import	An import is the purchase of a good or service from a foreign business that leads to a flow of money out of the UK. The UK buyer will have to change pounds into the seller’s currency to make the transaction.
Economic activity	The amount of buying and selling that takes place in a period of time.
The economy	The economic activity carried out by people and businesses in a country.
Economic growth	Rises in the rate of economic activity in the economy. It is measured by calculating the value of sales in an economy over a period of time.
Business Cycle	Fluctuations in the level of economic activity over a period of time. Most economies experience times when economic activity is rising and other when economic activity is slowing.
Recession	A situation when the level of economic growth is negative for two successive quarters.
Stakeholder	An individual or a group which has an interest in and is affected by the activities of a business; stakeholders have an interest in how the business operates and whether or not it is successful.

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1.5 Keywords - Understanding the economic context

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