Overview
Interest rates play a crucial role in the economy by influencing borrowing costs, consumer spending, and investment decisions. When interest rates are low, borrowing becomes cheaper, encouraging consumers and businesses to spend and invest, which can lead to economic growth. Conversely, high interes...
Key Terms
Example: A bank offers a 5% interest rate on savings accounts.
Example: Inflation increased by 2% last year.
Example: The borrowing cost for a mortgage includes the interest rate and closing costs.
Example: Investing in stocks can yield high returns.
Example: The economy grew by 3% last year.
Example: The Federal Reserve adjusts interest rates to control inflation.