economics terms

24 Aug 2021

IB HL and SL Economics Glossary

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There are currently 5 names in this directory beginning with the letter A.

Absolute poverty
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
Aggregate demand is the total spending in an economy consisting of consumption, investment, government expenditure and net exports

Allocative efficiency
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

Appreciation is an increase of the value of the currency, expressed in terms of another currency, in a floating exchange rate system.
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