Class 10 Exam > Class 10 Notes > Business Studies for GCSE/IGCSE > Government Impact on Business: Economic Objectives
Government Impact on Business: Economic Objectives | Business Studies for GCSE/IGCSE - Class 10 PDF Download
Government Economic Objectives
- Most governments pursue similar objectives for their national economies
Diagram: Government Economic Objectives
Positive economic growth
- Positive economic growth denotes the augmentation in the quantity of goods and services generated per capita within a specific timeframe.
- Enhanced GDP growth typically correlates with an elevation in the populace's standard of living.
- With an upsurge in output, heightened employment levels are attained due to increased demand for labor.
- As households witness an improvement in their financial status, they can afford a greater array of goods and services.
- Business proprietors expand their enterprises as consumer purchasing power rises, leading to an upswing in revenue.
Low levels of inflation
- Inflation signifies a broad upsurge in prices and a decline in the purchasing power of currency over time.
- The governments of both the UK and the US establish a 2% inflation target for their respective Central Banks.
- Central Banks employ various tools, including base rates and quantitative easing, to attain this target.
Low levels of unemployment
- Unemployment pertains to individuals without employment who are actively searching for work and are available for employment opportunities.
- Low unemployment rates enhance national output, elevate workers' living standards, and diminish government expenditure on welfare benefits.
A healthy balance of payments
- The balance of payments signifies the correlation between the worth of imports and exports throughout a specified duration.
- Exports contribute foreign currency into an economy, whereas imports entail the outflow of currency.
- In the event of a balance of payments deficit:
- The country may deplete its foreign currency reserves, necessitating costly borrowing from overseas.
- The exchange rate, which denotes the value of one country's currency against another, is liable to decline.
- In the event of a balance of payments deficit:
Question for Government Impact on Business: Economic ObjectivesTry yourself: What is the significance of low levels of inflation in an economy?View Solution
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FAQs on Government Impact on Business: Economic Objectives - Business Studies for GCSE/IGCSE - Class 10
| 1. What are the government's economic objectives and why are they important for businesses? |  |
Ans. The government's economic objectives include promoting positive economic growth, maintaining low inflation rates, and reducing unemployment levels. These objectives are important for businesses as they create a stable economic environment that fosters growth and investment.
| 2. How does positive economic growth benefit businesses? | |
Ans. Positive economic growth means an increase in the country's overall production and income levels. This can result in higher consumer spending, increased demand for goods and services, and more opportunities for businesses to expand and thrive.
| 3. Why is it important for businesses to operate in a low inflation environment? | |
Ans. Low levels of inflation are beneficial for businesses as they help maintain stable prices for goods and services. This allows businesses to plan and budget effectively, as they are less likely to be impacted by sudden price increases that can erode profits.
| 4. How does high unemployment negatively impact businesses? | |
Ans. High levels of unemployment can lead to reduced consumer spending, as people have less disposable income to purchase goods and services. This can result in decreased demand for businesses' products, leading to lower sales and potentially lower profits.
| 5. How can a balance of payments deficit affect businesses operating in a country? | |
Ans. A balance of payments deficit occurs when a country imports more goods and services than it exports, leading to a net outflow of currency. This can put pressure on the country's currency exchange rates and potentially increase the cost of imports for businesses, impacting their profitability.
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Oct 03, 2025
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