Economics Resources

Glossary of IB Economics Terms

IB HL and SL Economics Glossary

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There are currently 3 names in this directory beginning with the letter N.

Negative externalities
Negative externalities are (spillover) costs to a third party caused by the production, or consumption of a good (or service) or that they occur when MSC is greater than MSB in the market for a good or service.

Normal good
Normal goods are goods with positive income elasticity. As income rises the demand for normal goods rises

Normal profits
Normal profits are the amount of revenue needed to cover the total costs of production, including the opportunity costs
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