IB HL and SL Economics Glossary

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There are currently 6 names in this directory beginning with the letter B.

Balance of payments components
Balance of payments components include the balance of trade in goods, the balance of trade in services, (investment or factor) income (interest, dividends, profit), and (current or net) transfers. This could be referred to as “exports of goods and services” and “imports of goods and services” but cannot be referred to as simply imports and exports.

Barriers of entry
Barriers of entry are obstacles prevents potential new comers from entering the market,

Bilateral trade agreement
Bilateral trade agreement is a trade agreement between two countries
which aims to lower trade barriers, or to increase trade

Budget deficit
Budget deficit is when government spending is greater than government revenues.

Business confidence
Business confidence is related to the expectations of businesses about the future of economic conditions, (which may be optimistic or pessimistic) and affects the level of investment.

Business cycle
Business cycle is the periodic fluctuations in real national income/output/GDP around the productive potential or long-term trend of the economy. Its stages are slump/trough, recovery/expansion, boom and recession
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