IB HL and SL Economics Glossary

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

Economic development
Economic development is a broader concept than economic growth involving welfare improvements to the standard of living including health, education and shelter.

Economic Growth
Economic growth is increased real output for an economy over time and measured as an increase in real GDP

Economies of scale
Economies of scale are any fall in long run unit (average) costs that come about as a result of a firm increasing its scale of production (output)

Equilibrium price
Equilibrium price is a market clearing price, a price level that settles as a result of quantity supplied being exactly the same as quantity demanded. It occurs at the intersection of demand and supply.

Exchange rate
Exchange rate is value of one currency expressed in terms of another.

Expenditure approach
Expenditure approach is a method used to calculate GDP by summing total spending on domestic output in an economy OR that it is a method of calculating GDP based on summing consumption, investment, government expenditure and net exports (ie C + I + G + X - M)
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