economic change

Question 1

factors effecting it

Answer 1

list them

Question 2

economic growth

Answer 2

high growth = high demand
recession = low demand , unemployment stops

Question 3

interest rates

Answer 3

high rates= borrowing more expensive , ppl begin to save = demand falls

and opposite

Question 4

taxation

Answer 4

direct tax= e.g corporation tax, effects business and profits

indireect= effects consumer

Question 5

fiscal policy

Answer 5

when gov changes taxes to help ecnomony

lower taxes= more ppl spending = helps economy

Question 6

monetary policy

Answer 6

how the Bank of England changes interest rates to control econ

Question 7

globalisation

Answer 7

integration of interactional economies, leading to world marketin goods

Question 7

reasons for high globalisation

Answer 7

opportunity to sell in new market
cheap raw materials from low cost countries

Question 8

reasons not to have high globalisation

Answer 8

exploitation of foreign workers = criticised for being unethical