Glossary of IB Economics Terms
IB HL and SL Economics Glossary
There are currently 5 names in this directory beginning with the letter A.
Absolute poverty involves incomes that are at or below a minimum income level which may be defined as a poverty line (such as living on less than US$2 (PPP) a day (or US$1 or US$1.25) needed to secure the basic necessities of life (such as food, shelter, clothing)
Aggregate demand is the total spending in an economy consisting of consumption, investment, government expenditure and net exports
Allocative efficiency exists where price is equal to marginal cost (or marginal social cost) and resources are allocated in such a way that neither too much nor too little is produced from society’s point of view.
Anti-dumping is government legislation [= the imposition of tariff] against the selling of imported goods at a price below their production costs