Banking & Finance
A loan to purchase real estate
What is a mortgage?
8.7%
What was the inflation rate in May?
An item or property that is owned by a person or company and considered to be valuable to sell or pay debts e.g., real estate, cash, or jewellery
What is an asset?
Coins and notes used as money
What is currency?
Founder of modern economics
Who is Adam Smith?
2%
What is the inflation target for Central Banks?
5%
What is the current interest rate in the UK?
The failure to pay back a loan
What is a default?
The cost of borrowing money
What is interest?
A British Economist and Philosopher that wrote 'The General theory of Employment, Interest and Money'
Who was John Maynard Keynes?
Interest they receive on loans
What is the biggest income for banks?
6.01%
What is the new five-year-fixed mortgage rate?
When two people or companies depend on each other to be successful
What is interdependence?
Wealth from households and businesses to the government
What is tax?
An American economist that said he was in favour of cutting taxes
Who was Milton Friedman?
In accounting a statement of the assets and liabilities of a business
What is a balance sheet?
0.6%
Act of introducing new money into the money supply by a Central Bank
What is Quantitative Easing?
CPI (Consumer Price Index) and RPI
How is inflation measured?
An Economist and Philosopher known for writing 'A communist Manifesto' and the three-volume 'Das Kapital'
Who was Karl Marx?
A term used in Britain to describe the official rate set by the Bank of England when it pays interest to commercial banks
What is a bank rate?
0.1%
How much did GDP increase by in the first quarter of 2023?
When spending exceeds income
What is a budget deficit?
Minimise unemployment, economic growth, price stability
What are a few examples of government macroeconomic objectives?
An Economist known for popularising the 'Tragedy of the Commons'
Who was Garrett Hardin?