Vocabulary Test 4 Flashcards
Barriers to entry
Factors which make it difficult or impossible for a business to enter a market and compete with existing producers.
Cartel
A group of businesses which join together to agree on pricing and output in a market in an attempt to gain higher profits at the expense of customers.
Colluding
Where several businesses make agreements among themselves which benefit them, at the expense of either rival businesses or customers.
Market Structures
The characteristics of a market which determine the behaviour of businesses within the market.
Anti-competitive/Restrictive Practices
Attempts by firms to prevent or restrict competition.
Contract of Employment
A written agreement between an employer and employee in which each has certain obligations.
Discrimination
Favoring one person over another, usually on the basis of gender, age, race, etc.
Employment tribunal
A court that deals with cases involving disputes between employers and employees.
National minimum wage
A wage rate set by the government below which it is illegal to pay people at work.
Unfair Dismissal
Where an employer terminates an employee’s contract without a fair reason to do so.
Appreciation of a currency
A rise in the value of a currency.
Base rate
The rate of interest around which a bank structures other interest rates.
Consumer price index
A common measure of price changes used in the EU.
Deflation
A fall in the general price level
Depreciation
A fall in the value of a currency.
