All Economics Definitions Complete Study
All Economics
Guide KeyDefinitions
Terms andComplete
Concepts.pdf
Study
All Economics
Guide KeyDefinitions
Terms andComplete
Concepts.pdf
Study Guide Key Terms and Concepts.pdf
All Economics
Definitions
Complete Study
Guide Key Terms
and Concepts
All Economics Definitions Complete Study
All Economics
Guide KeyDefinitions
Terms andComplete
Concepts.pdf
Study
All Economics
Guide KeyDefinitions
Terms andComplete
Concepts.pdf
Study Guide Key Terms and Concepts.pdf
,All economics definitions.pdf All economics definitions.pdf All economics definitions.pdf
Terms in this set (331)
Absolute advantage This is where a country is able to produce more output than other
countries using the same input of factors of production.
Absolute poverty Absolute poverty is measured in terms of the basic need for survival. It is
the amount of income a person needs to have in order to stay alive.
Actual growth This occurs when previously unemployed factors of production are
brought in to use. It is represented by a movement from a point within a
PPC to a new point nearer to the PPC.
Adverse selection This occurs when a buyer and seller do not have the same information,
causing a transaction to take place based upon uneven terms.
Aggregate demand The total spending in an economy consisting of consumption, investment,
government expenditure and net exports.
All economics definitions.pdf All economics definitions.pdf All economics definitions.pdf
,All economics definitions.pdf All economics definitions.pdf All economics definitions.pdf
Aggregate demand curve A curve showing the relationship between the average price level and real
GDP.
Aggregate supply (AS) The total amount of domestic goods and services supplied by businesses
and the government, including both consumer goods and capital goods.
Allocative efficiency The level of output where marginal cost is equal to average revenue. The
firm sells the last unit it produces at the amount that it cost to make it. The
socially optimum level of output.
Allocative inefficiency This occurs where the marginal social cost of producing a good is not
equal to the marginal social benefit of the good to society.
Anchoring Anchors are mental reference points, relating to ideas or values, which are
used to make decisions.
Anti-monopoly regulation Policies that are intended to regulate the market share of an individual
company in order to enforce competition.
All economics definitions.pdf All economics definitions.pdf All economics definitions.pdf
, All economics definitions.pdf All economics definitions.pdf All economics definitions.pdf
Appreciation An increase in the value of one currency in terms of another currency in a
floating exchange rate system.
Appropriate technology Technology that caters to the particular economic, social, and
environmental characteristics of its users.
Asymmetric information This is where one party in an economic transaction has access to more or
better information than the other party.
Automatic stabilizers The features of government fiscal policy that automatically counter-
balance fluctuations in economic activity.
Average tax rate The proportion of a person's income that is paid in tax, usually expressed
as a percentage.
Balance of payments It is a record of the value of all the transactions between the residents of a
country with the residents of all other countries over a given period of
time.
All economics definitions.pdf All economics definitions.pdf All economics definitions.pdf
All Economics
Guide KeyDefinitions
Terms andComplete
Concepts.pdf
Study
All Economics
Guide KeyDefinitions
Terms andComplete
Concepts.pdf
Study Guide Key Terms and Concepts.pdf
All Economics
Definitions
Complete Study
Guide Key Terms
and Concepts
All Economics Definitions Complete Study
All Economics
Guide KeyDefinitions
Terms andComplete
Concepts.pdf
Study
All Economics
Guide KeyDefinitions
Terms andComplete
Concepts.pdf
Study Guide Key Terms and Concepts.pdf
,All economics definitions.pdf All economics definitions.pdf All economics definitions.pdf
Terms in this set (331)
Absolute advantage This is where a country is able to produce more output than other
countries using the same input of factors of production.
Absolute poverty Absolute poverty is measured in terms of the basic need for survival. It is
the amount of income a person needs to have in order to stay alive.
Actual growth This occurs when previously unemployed factors of production are
brought in to use. It is represented by a movement from a point within a
PPC to a new point nearer to the PPC.
Adverse selection This occurs when a buyer and seller do not have the same information,
causing a transaction to take place based upon uneven terms.
Aggregate demand The total spending in an economy consisting of consumption, investment,
government expenditure and net exports.
All economics definitions.pdf All economics definitions.pdf All economics definitions.pdf
,All economics definitions.pdf All economics definitions.pdf All economics definitions.pdf
Aggregate demand curve A curve showing the relationship between the average price level and real
GDP.
Aggregate supply (AS) The total amount of domestic goods and services supplied by businesses
and the government, including both consumer goods and capital goods.
Allocative efficiency The level of output where marginal cost is equal to average revenue. The
firm sells the last unit it produces at the amount that it cost to make it. The
socially optimum level of output.
Allocative inefficiency This occurs where the marginal social cost of producing a good is not
equal to the marginal social benefit of the good to society.
Anchoring Anchors are mental reference points, relating to ideas or values, which are
used to make decisions.
Anti-monopoly regulation Policies that are intended to regulate the market share of an individual
company in order to enforce competition.
All economics definitions.pdf All economics definitions.pdf All economics definitions.pdf
, All economics definitions.pdf All economics definitions.pdf All economics definitions.pdf
Appreciation An increase in the value of one currency in terms of another currency in a
floating exchange rate system.
Appropriate technology Technology that caters to the particular economic, social, and
environmental characteristics of its users.
Asymmetric information This is where one party in an economic transaction has access to more or
better information than the other party.
Automatic stabilizers The features of government fiscal policy that automatically counter-
balance fluctuations in economic activity.
Average tax rate The proportion of a person's income that is paid in tax, usually expressed
as a percentage.
Balance of payments It is a record of the value of all the transactions between the residents of a
country with the residents of all other countries over a given period of
time.
All economics definitions.pdf All economics definitions.pdf All economics definitions.pdf
