National Factors Recap - 9d-BV1 Mr Barby - The Radcliffe School
What is meant by the term "Inflation"
A sustained, rapid INCREASE in prices over months or years, DECREASING purchasing power.
A sustained, rapid DECREASE in prices over months or years, INCREASING purchasing power
What is the current Bank of England Base rate.(So an increase in Bank Rate makes borrowing money more expensive and saving more rewarding. And a decrease in Bank Rate makes borrowing cheaper and saving less rewarding. Higher interest rates mean people will spend less in order to service their debts and benefit from good savings rates. This puts downward pressure on inflation. When interest rates are lower, the opposite is true.)
0.50%
5.0 %
If the Economy is growing (think of a balloon being filled with money) , does
Business grow, people have jobs and money will be spent - further inflating the economy...
Business will shrink, people are made redundant, there will be less money and less spending making the economy smaller (recession)
What does the effect of inflation have on purchasers...The level of consumer confidence will be an important factor that determines the willingness of consumers to spend, borrow and save. So what could happen?
Customers savings or earnings will reduce in value, so they get poorer in real terms.
Purchasing will not be effected
People will be able to carry on buying things at the same level.
If bank interests rates go UP...
People will spend more as their savings go up in value. Borrowing becomes more expensive so people will borrow less
People will spend less and save more and get the reward, loans will increase
Things will stay the same
According to PWC (Price Waterhouse Cooper - UK Data Agency). What percentage is the UK economy expected to grow by in 2018?
1.1%
1.3%
1.5%
3%
According to the ONS (Office for National Statistics) What is the current unemployment rate for people aged 16 or over?
10%
12.5%
4.2%
2.5%
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