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Machinery and Transport Equipment
This includes cars, aircraft, and industrial machinery.
Chemicals and Pharmaceuticals
The UK is a significant exporter of medicines and chemical products.
Financial Services
London is a global financial hub, exporting banking, insurance, and other financial services.
Crude Oil and Petroleum Products
Energy products are a major import, essential for the UK's energy needs.
Consumer Goods
This includes clothing, food, and household items.
High-Tech Goods
Including advanced manufacturing products and technologies.
Luxury Vehicles
Renowned brands like Jaguar and Land Rover.
Energy Resources
Such as oil and natural gas.
Consumer Electronics
Including smartphones, computers, and home appliances.
Food and Beverages
Various food products not produced locally.
Free trade
refers to the absence of tariffs, quotas, and other restrictions on international trade.
European Union (EU)
is a political and economic union of member countries that have agreed to allow free trade among themselves.
Money
It facilitates transactions between buyers and sellers.
Unit of Account
Money provides a standard measure of value, which helps in comparing the value of different goods and services.
Store of Value
Money can hold value over time, allowing individuals to save or defer spending until a later date.
Physical Currency (Banknotes and Coins)
Tangible money issued by the government, which includes coins and paper notes.
Digital and Electronic Forms
Money can also exist in digital formats, such as balances in bank accounts, digital wallets, and cryptocurrencies.
Financial Instruments
Certain financial instruments like checks, credit, and debit cards are also considered money because they represent a claim to physical money or deposits in a bank.
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Flashcard (46)