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IB Economics - Glossary of terms This resource is designed to help you make accurate use of specialist economics terms in your work. It is up to you how much use you make of it. Some of you will benefit from it hugely; others will find it more use as a revision tool rather than one that will help them use terminology more accurately. If I find that you are not making sense or that you are using words inaccurately then I may insist that you start to complete this and use it. It is useful for both native and non-native speaker alike. In economics many words have a specific meaning that is not the same as the one they have in every day English.The booklet is laid out in the same order as the course:Introduction: The Foundations of EconomicsMicroeconomicsMacroeconomicsInternational TradeDevelopment EconomicsThe words are in English. If English is not your ‘home language’, you need to write them in your ‘home language’.It is up to you to ensure that you are using the right word here. Remember words often have different meanings.Then you must write in your own definition. Avoid using ‘cut and paste’ or use definitions you happen to find on the Internet! The very act of writing the definition and thinking about what you are writing will go a large way to helping you remember it. Again, take care that you are using the word in the right way. For example, when we talk about a complement do we mean “Your hair looks nice” or “Two goods in joint demand”? Don’t complete it all in one go, but do it steadily as we go through each unit. Introduction: the Foundations of EconomicsEnglishHome LanguageDefinitionSocial ScienceEconomicsMacroeconomicsMicroeconomicsPositive StatementsNormative StatementsCeteris ParibusScarcityChoiceFactors of ProductionLandLabourCapitalEntrepreneurshipResource allocationOpportunity costEconomic goodFree goodUtilityProduction Possibility frontier (PPF)Public sectorPrivate sectorEconomic growthEconomic developmentSustainable developmentSECTION 1: MicroeconomicsCompetitive Markets: Demand and SupplyEnglishHome LanguageDefinitionMarketPrice mechanismDemandLaw of DemandSubstitutesComplementsIncomeExpectationsNormal GoodsInferior GoodsSupplyLaw of SupplyEquilibrium Equilibrium PriceQuantityConsumer surplusProducer surplusAllocative efficiency1.2 ElasticitiesEnglishHome LanguageDefinitionPrice Elasticity of Demand (PED)Elastic DemandInelastic DemandUnitary elasticityPerfectly ElasticPerfectly inelasticCross Elasticity of Demand (XED)Income Elasticity of Demand (YED)Price Elasticity of Supply (PES)Government InterventionEnglishHome LanguageDefinitionIndirect taxSpecific taxAd valorem taxIncidence of taxSubsidyPrice ceiling (maximum price)ShortageParallel marketPrice floor (minimum price)Surplus1.4 Market FailureEnglishHome LanguageDefinitionMarket FailureExternalitiesPositive externalitiesMerit goodsNegative externalitiesDemerit goodsWelfare lossPublic goodsNon-rivalNon-excludableFree riderCommon access resourceSustainabilityTradable permits (carbon credits)Asymmetric informationMonopoly power1.5 Theory of the Firm (HL only)EnglishHome LanguageDefinitionShort runLong runFixed factorVariable factorTotal productAverage productMarginal productLaw of diminishing returnsEconomic costsFixed costsVariable costsTotal costsAverage costsMarginal costsIncreasing returns to scaleDecreasing returns to scaleConstant returns to scaleEconomies of ScaleDiseconomies of scaleTotal revenueAverage revenueMarginal revenueProfitEconomic profit (abnormal profit/supernormal profit)Normal Profit Subnormal profit/economic lossProfit MaximisationPerfect CompetitionHomogenousBarriers to entryShut-down priceBreak-even priceProductive efficiencyAllocative efficiencyDeadweight lossMonopolyNatural MonopolyRevenue maximisationDynamic efficiencyMonopolistic CompetitionDifferentiated productNon-price competitionOligopolyCollusive oligopolyNon-collusive oligopolyInterdependenceCartelConcentration ratioTacit collusionPrice discriminationSECTION 2: MacroeconomicsThe level of overall economic activityEnglishHome LanguageDefinitionNational incomeNational outputNational expenditureGross Domestic Product (GDP)Gross National Product (GNP) or Gross National Income (GNI)Nominal GDPReal GDPPer capita GDPGreen GDPBusiness cyclePotential outputActual outputRecession2.2 Aggregate demand and aggregate supplyEnglishHome LanguageDefinitionAggregate demandInvestmentPrice levelAggregate supplyShort-run aggregate supplyLong-run aggregate supplyFull employmentNatural rate of unemploymentMacroeconomic equilibriumInflationary gapRecessionary gapKeynesian multiplierMacroeconomic objectivesEnglishHome LanguageDefinitionUnemploymentUnemployment rateFull EmploymentUnderemploymentHidden unemploymentStructural unemploymentFrictional unemploymentSeasonal unemploymentCyclical unemployment (demand-deficient unemployment)InflationDeflationDisinflationConsumer price indexCore inflationUnderlying inflationDemand-pull inflationCost-push inflationPhillips CurveEconomic growthActual growthPotential growthEquityAbsolute povertyRelative povertyDirect taxIndirect taxProgressive TaxRegressive TaxProportional TaxAverage rate of taxMarginal rate of taxLorenz CurveGini CoefficientTransfer paymentsFiscal policyEnglishHome LanguageDefinitionDemand-side policiesFiscal policyExpansionary fiscal policyContractionary fiscal policyBudget surplusBudget deficitPublic debtAutomatic fiscal stabilisersCrowding outMonetary policyEnglishHome LanguageDefinitionMonetary policyCentral BankExpansionary monetary policyContractionary monetary policyInterest rateSupply-side policiesEnglishHome LanguageDefinitionSupply-side policiesInterventionist supply-side policiesInfrastructureHuman capitalMarket-based supply side policiesPrivatisationDeregulationLabour market reformTax reformSECTION 3: International EconomicsInternational tradeEnglishHome LanguageDefinitionTrade/free tradeFactor endowmentAbsolute AdvantageComparative advantageTrade protectionTariffsSubsidyQuotasAdministrative barriersDumpingInfant IndustryDiversificationWorld Trade OrganisationExchange ratesEnglishHome LanguageDefinitionExchange rateFixed Exchange RateFloating Exchange RateSpeculationManaged exchange rateBalance of paymentsEnglishHome LanguageDefinitionBalance of paymentsCurrent AccountBalance of tradeCurrent account surplusCurrent account deficitCapital AccountFinancial accountExpenditure-switching policiesExpenditure reducing policiesMarshall-Lerner conditionThe J-curve effectEconomic integrationEnglishHome LanguageDefinitionPreferential trade agreementTrading blocFree trade areaCustoms unionCommon marketTrade creationTrade diversionMonetary unionTerms of trade (HL only)EnglishHome LanguageDefinitionTerms of tradeSECTION 4: Development EconomicsEconomic developmentEnglishHome LanguageDefinitionEconomic growthEconomic developmentPhysical capitalHuman capitalPoverty cycle/trapMillennium Development GoalsMeasuring developmentEnglishHome LanguageDefinitionPurchasing Power Parity exchange ratesComposite indicatorsHuman Development Index (HDI)The role of domestic factorsEnglishHome LanguageDefinitionMicro-creditCorruptionCapital flightThe role of international tradeEnglishHome LanguageDefinitionImport substitutionExport promotion (export led growth)Trade liberalizationThe role of foreign direct investment (FDI)EnglishHome LanguageDefinitionForeign direct investmentMultinational corporationThe role of foreign aid and multilateral development assistanceEnglishHome LanguageDefinitionBilateral aidMultilateral aidOfficial Development Assistance (ODA)NGOHumanitarian aidDevelopment aidGrantsSoft loansProject aidProgramme aidTied aidInternational Monetary Fund (IMF)World BankThe role of international debtEnglishHome LanguageDefinitionForeign debtDebt reschedulingDebt forgiveness ................
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