IB HL and SL Economics Glossary
There are currently 6 names in this directory beginning with the letter E.
Economic development is a broader concept than economic growth involving welfare improvements to the standard of living including health, education and shelter.
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 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.