Businesses and the Political and Legal Environment 3.0 / 5 based on 1 rating ? Business StudiesBUSS 4A2/A-levelAQA Created by: mad0104Created on: 12-04-15 14:34 Economic Policy A series of actions through which the authorities attempt to create the best possible economic environment for businesses and individuals 1 of 13 The Economy The complex interaction of millions of consumers, thousands of businesses, and governments in supplying a wide range of goods and services 2 of 13 Balance of Payments A record of a country's trade and employment occurring in an economy at a given point in time 3 of 13 Laissez-faire A policy in which governments reduce taxes and spend less on supporting the activities of businesses 4 of 13 Supply-side Policies Designed to improve the free operation of markets and therefore the total amount that is produced by the economy 5 of 13 Direct Taxes Taxes on income and wealth eg. income tax, corporation tax and inheritance tax 6 of 13 Indirect Taxes Taxes on spending, for example, value added tax 7 of 13 Interest Rates The price of borrowed money 8 of 13 Fiscal Policy The use of taxation and public expenditure to manage the level of economic activity 9 of 13 Monetary Policy Controlling the amount of money and/or interest rates within the economy in order to achieve the desired level of economic activity 10 of 13 Privatisation The process of transferring organisations from state to the ownership and control of individuals and other businesses 11 of 13 Consumerism An approach that places the interests of the consumer at the heart of discussion about business decision or activities 12 of 13 Consumer Protection A term used to describe a series of Acts designed to safeguard consumers 13 of 13
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