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Level 2

Unit 5.2


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Profit
= revenue - costs. The rewards for risk taking.
Market share
The quantity sold by a business as a percentage of total sales in a market
Competitiveness
The strength if a business's position in a market measured by market share and profitability. It reflects whether people are prepared to use the business over its rivals.
Competitive advantage
Advantages a business has over its rivals. To be effective the advantages must be difficult to copy (defensible) and unique (distinctive)
Social success
The performance of a business which takes account of social, environmental and ethical factors
Marketing mix
The combination of product, promotion, place and price that is designed by a business to achieve its aims. This is also known as the '4Ps'.
Cash flow
The money coming into and going out of a business over a period of time. This refers to the inflows and outflows of money.
Productivity
The measure of the output per worker or machine per period of time
Average cost
= total costs / output. The cost of producing each unit of output.
Aggregate demand
= C+I+G+(X-M). The total level of demand within an economy.
Consumer confidence
A measure of the extent to which consumers are prepared to spend money
Interest rates
The cost of borrowing and the reward for saving
Exports
Goods and services sold to foreign countries
Imports
Goods and services bought from foreign countries
Inflation
An increase in the general level of prices over one year.
Consumer Price Index (CPI)
A measure of inflation
Cost of living
A measure of the average cost of basic necessities such as food, housing and clothing.
Unemployment
The unemployed are people who are registered as able, available and willing to work at the going wage rate but who cannot find work despite an active search.
Claimant Count
A monthly count of those claiming unemployment benefits such as Jobseeker's Allowance.
Labour Force Survey
A monthly measure of those seeking work. It includes those who do not qualify for JSA.
Exchange rates
The price of one currency in terms of another
SPICED
Strong Pound Imports Cheap Exports Dear
Monetary policy
The use of changes in interest rates to control inflation and economic activity
Fiscal policy
The use of changes in taxation and government spending to control economic activity
Economic activity
The total amount of buying and selling that takes place in an economy over time
Social problems
Society objectives the government tries to solve such as child poverty, crime, anti-social behaviour and binge drinking.