IB HL and SL Economics Glossary

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There are currently 8 names in this directory beginning with the letter S.

Supply refers to the quantities of a product that suppliers are willing and able to sell at various prices per period of time, ceteris paribus


Savings is income that is not spent, present consumption foregone, a withdrawal from the circular flow of income or money stored in financial institutions.

Short run
The short run is the period of time in which at least one factor of production is fixed

Subsidies are a sum of money the government gives to an industry in order reduce cost of production or reduce the price of a good.


structural unemployment
structural unemployment is long term unemployment caused as a result of a fall in the demand for a particular type of labor occurring as a result of the changing structure of an economy due to changes in the demand/supply and/or technology. It occurs when there is a mismatch between the skills of unemployed workers and the jobs available or as a result of rigidities in the labor market

Substitute goods
Substitute goods are goods that can be used instead of each other.

Supply-side policies
Supply-side policies they are policies designed to shift the AS curve to the right. They may include tax cuts, reductions in welfare payments, promotion of training etc.


Sustainable development
Sustainable development (Sustainability) is the development needed to meet the needs of the present generation without compromising the ability of future generations to meet their own needs
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