the economic climate |
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Key terms
The economy is made up of millions of individual consumers, many thousands of businesses and governments. All of whom take decisions about what to produce and what to buy.
Consumers are the individual people who buy goods and services from businesses.
The economy is made up of millions of individual consumers, many thousands of businesses and governments. All of whom take decisions about what to produce and what to buy.
Consumers are the individual people who buy goods and services from businesses.
Information
The economic climate is a term that relates to the state of an economy and considers whether an economy is:
> Improving - rising levels of employment, production, consumer incomes and spending (i.e. boom)
> Weakening - falling levels of employment, production, consumer incomes and spending (i.e. may lead to recession)
The economic climate is a term that relates to the state of an economy and considers whether an economy is:
> Improving - rising levels of employment, production, consumer incomes and spending (i.e. boom)
> Weakening - falling levels of employment, production, consumer incomes and spending (i.e. may lead to recession)
Task 3
Which of the following businesses will benefit from periods of 'boom' and which will benefit from periods of 'recession'? Give explanation for your choices.
Which of the following businesses will benefit from periods of 'boom' and which will benefit from periods of 'recession'? Give explanation for your choices.