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A

Aggregate demand /supply model

Aggregate demand-C + I

Aggregate demand-G + (X-M)

Aggregate Supply-AS

B

Basics-Resources (FOP) (demo)

Basics-Scarcity & choice (demo)

Business Cycle

Business Growth

C

Circular Flow Model-Basics

Cost-Benefit Analysis (CBA)

Costs-Basic Concepts

Costs-Cost Curve Relationships

Costs-Economies of Scale

D

Demand-Basics Concepts

Demand-Conditions/Shifts

E

Economic Development

Economic Growth-Basis/cost/benefit

Economic Growth-Savings/Investment

Economic Systems

Elasticity-Demand, Basics

Elasticity-Demand, calculations/uses

Elasticity-Supply, Basics

Elasticity-Supply, calculations/uses

F

Fiscal Policy

I

Inflation-Causes of

Inflation-General Price Level Changes

Inflation-Real Values

Inflation-The Consumer Price Index

M

Macroeconomics-Aims & Conflicts

Market Equilibrium-advanced changes

Market Equilibrium-Basics

MF-Consumption externalities

MF-Production externalities

Monetary Policy

Money-Qualities/Functions

P

Private goods & public goods

Production Possibility Curve-Basics

Production Possibility Curve-Shifts

Production/production process

S

Supply-Basics Concepts

Supply-Conditions/Shifts

T

Taxes

Trade Unions

Trade-BOP components

Trade-Free trade

Trade-Protectionism

U

Unemployment-Causes/types

Unemployment-Impacts/policies

Unemployment-Model/basics

Unemployment-Model/changes

Glossary of Terms

Each Glossary Term relates to a parent topic above.

A

A budget deficit and borrowing

A budget surplus repaying debt

A government operating (budget) deficit

A government operating (budget) surplus

Actual Employment

AD/AS Model

Advantages & disadvantages of batch production

Advantages & disadvantages of flow (mass) production

Advantages & disadvantages of job production

Aggregate Demand

Aggregate demand-C + I

Aggregate demand-G + (X-M)

Aggregate demand/supply model

Aggregate Supply

Aggregate supply-AS

Allocation & ownership of resources in different economic systems

Allocative efficiency and a PPC

Anti-dumping laws (regulations)

Anti-inflationary policies & unemployment

Arguments for protectionism

Assumptions made about a PPC

Average Fixed Costs (AFC)

Average Tax Rate

Average Total Costs (ATC or AC)

Average Variable Costs (AVC)

B

Backward vertical integration

Balance on Current Transfers

Balance on Goods

Balance on Income

Balance on Services

Barter

Base year

Basics-Resources (FOP)

Basics-Scarcity & choice

Batch production

Bowed Production Possibility Curve

Business Cycle

Business Growth

C

Calculating price elasticity of demand

Calculating supply elasticity

Capital Intensive

Capital Resources

Causes of unemployment

Central Bank

Ceteris Paribus

Changes in price and output

Changes in the AD/AS Model

Characteristics of money

Charging for a Public Good

Choice

Circular Flow Modal-Basics

Collective Good

Command economy

Commercial economies

Comparing a value over a number of years

Comparing a value within a year

Complements

Constant Values

Consumer

Consumer confidence and AD

Consumer Demand

Consumer Price Index (CPI)

Consumption Spending (C)

Consumption spending-the two sector model

Cost Benefit Analysis-Worked Example

Cost Push Inflation

Cost push inflation- exchange rate depreciates

Cost push inflation- increase in indirect taxes

Cost push inflation- increase in wages

Cost push inflation- net migration loss

Cost push inflation- price of inputs increase

Cost-Benefit Analysis (CBA)

Costs directly related to production

Costs independent of output

Costs of Production

Costs of production & the AS curve

Costs-Cost Curve Relationships

Costs-Economies of Scale

Current Values

Cyclical Unemployment

D

Decrease in quantity demanded

Decrease in quantity supplied

Decreasing returns to a factor

Deflation

Demand

Demand curve and a range of elasticities

Demand elasticity

Demand for Labour

Demand for labour curve-shifts

Demand Pull Inflation

Demand pull inflation- government operating (budget) deficit

Demand pull inflation- reduction in direct taxes

Demand pull inflation-falling exchange rate (depreciation)

Demand pull inflation-interest rates fall

Demand pull inflation-net migration gain

Demand schedule

Demand-Basic Concepts

Demand-Conditions/Shifts

Demerit Good

Depression

Derived demand

Determinants of Demand

Determinants of Supply

Development-Human Development Index (HDI)

Development-Multidimensional Poverty Index (MPI)

Discretionary income and consumption spending

Diseconomies of Scale

Disinflation

Disposable income and consumption spending

Distinguishing between economic development & economic growth

Distinguishing between price & cost

Diversification

Division of Labour (DOL)

Double Coincidence of Wants

E

Economic concepts illustrated by a PPC

Economic Development

Economic Goods

Economic Growth-Basis/cost/benefit

Economic Growth-Savings/Investment

Economic Systems

Economies of Scale

Elastic Demand

Elastic supply

Elasticity and the slope of a demand curve

Elasticity and the slope of a supply curve

Elasticity of supply-Long Run Time Period

Elasticity of supply-Momentary Time Period

Elasticity of supply-Short Run Time Period

Elasticity-Demand, Basics

Elasticity-Demand, calculations/uses

Elasticity-Supply, Basics

Elasticity-Supply, calculations/uses

Embargo (trade barrier)

Employment argument for protectionism

Entrepreneur

Equilibrium

Equity Efficiency Trade-Off

Equity/Efficiency trade-off

Examples of fixed costs

Examples of variable costs

Excess Demand

Excess Supply

Exchange rates & the AS curve

Excludable by price

Expansionary fiscal policy

Externalities of Consumption

Externalities of Production

F

Factors of Production

Factors that can influence the level of unemployment

Factors that determine supply elasticity

Factors that Influence Investment

Factors that Influence Savings

Features of a demand schedule

Features of products that are elastic in nature

Features of products that are inelastic in nature

Financial economies

Fiscal drag

Fiscal policy

Fiscal Policy-contractionary

Fixed Costs (FC)

Flow (mass) production

Fluctuations in Economic Activity

Forward vertical integration

Free Goods

Free Trade

Free trade-exports

Free trade-imports

Free-Rider Problem

Frictional Unemployment

Functions of Money

G

Go-slow

Goods

Government Budget Deficit

Government Budget Surplus

Government Spending

Government spending a component of aggregate demand

Government spending & aggregate demand

Government Spending (G)

Growth-Costs & Benefits

Growth-Determinants

H

Hard landing

Harrod Domar Model

Horizontal Integration

Household attitude and AD

Household income and AD

Household-the two sector model

How to calculate the value of consumer spending

How to construct a Consumer Price Index

How to construct a demand schedule

How to derive market demand

How to derive market supply

How to illustrate a price change on a demand curve

How to illustrate a price change on a supply curve

How will it be produced?

Human Resources

I

Import licences or quotas (trade barrier)

Importance of events for growth

Imposing a tariff

Improving productivity

Improving productivity-Division of labour

Improving productivity-Specialisation

Increase in quantity demanded

Increase in quantity supplied

Increased savings & unemployment

Increased wage demands & unemployment

Indicators of Development

Individual demand

Individual Price Rise

Inelastic Demand

Inelastic supply

Inequality and Economic Development

Inequality and taxes

Infant industry argument

Inflation

Inflation-Causes of

Inflation-General price Level Changes

Inflation-Real Values

Inflation-The Consumer Price Index

Inflationary expectations and AD

Inflationary Gap

Interdependence-the two sector model

Interest

Interest Rates

Interest rates and AD

Interest-reward for capital resources

Investment (I)

Investment Spending (I)

Investment-the two sector model

Invisibles (BOP)

Involuntary Unemployment

J

Job production

K

Kuznets curve

L

Labour force & the AS curve

Labour Intensive

Lack of qualifications & unemployment

Law of Demand

Law of Supply

Lewis Growth Model

Limitations of the Consumer Price Index

Limited Means

Link between greater savings or capital goods & living standards

Link between saving & investment

M

Macroeconomic Conflicts

Macroeconomic economic objective-Balance of Payments

Macroeconomic economic objective-Economic Growth

Macroeconomic economic objective-Equality

Macroeconomic economic objective-Full Employment

Macroeconomic economic objective-Price Stability

Macroeconomics

Managerial economies

Marginal Costs (MC)

Marginal Tax Rate

Market Demand

Market Economic System

Market Failure (MF)-Consumption externalities

Market Failure (MF)-Production externalities

Market Supply

Merger

Merit Good

Mid-point method to calculate price elasticity of demand

Mid-point method to calculate price elasticity of supply

Minimum Wage

Mixed Economic System

Monetary Policy

Money flows-two sector model

Motives for integration

Movements along a Demand Curve

Movements along a Supply Curve

N

Natural Resources

Negative (disadvantages) outcomes of economic growth

Negative Externality of Consumption

Negative Externality of Production

Negative impacts of a trade union

Net exports & aggregate demand

Net Exports (X-M)

Net exports a component of aggregate demand

Nominal interest rates

Non-excludable by price

Non-Renewable Resources

Non-rival

O

Obstacles to growth

Official Cash Rate (OCR)

Offshoring

Operating deficit used in a recession

Operating surplus used in a boom

Opportunity Cost

P

Peak (boom)

Percentage method to calculate price elasticity of demand

Percentage method to calculate price elasticity of supply

Perfectly inelastic supply

Phillips Curve

Planned Economic System

Policies for assisting growth in Less Developed Countries

Policies for growth in Less Developed Countries-Debt Relief

Policies for growth in Less Developed Countries-Export Promotion

Policies for growth in Less Developed Countries-Fair Trade

Policies for growth in Less Developed Countries-Import Substitution

Policies for growth in Less Developed Countries-Overseas Aid

Policies for negative externalities of consumption

Policies for negative externalities of production

Policies for positive externalities of consumption

Policies for positive externalities of production

Policies on unemployment

Policies to promote free trade

Policy Target Agreement (PTA)

Polluter-Pays Principle

Positive (advantages) outcomes of economic growth

Positive Externality of Consumption

Positive Externality of Production

Positive impacts of a trade union

PPC illustrating a decision to produce more capital goods

PPC illustrating a decision to produce more consumer goods

PPC-Choice

PPC-Opportunity cost

PPC-Scarcity

PPC-Slope

Price elasticity of demand

Price elasticity of supply

Price index

Private Good

Private goods & public goods

Problems of a small firm

Producer-the two sector model

Producers Price Index (PPI)

Production

Production efficiency and a PPC

Production Possibility Curve

Production Possibility Curve-Basics

Production Possibility Curve-Shifts

Production/production process

Productivity

Productivity/technology & the AS curve

Profit

Profit-reward for entrepreneurship

Progressive Tax

Property Rights

Protectionism

Public Good

Q

Qualities of Money

Quota

R

Real flows-two sector model

Real interest rates

Real Values

Reason for a bowed PPC

Reason for a straight line PPC

Reason for the downward slope of the demand for labour curve

Reason for the slope of the supply of labour curve

Reasons for a free trade agreements

Reasons for a shift of the demand for labour curve

Reasons for a shift of the supply of labour curve

Reasons for a small firm

Reasons for diseconomies of scale

Reasons for economies of scale

Reasons for free trade

Reasons why government imposes taxes

Recession

Recession and the government

Recessionary Gap

Regional and skill-based mismatch & unemployment

Regressive Tax

Related Goods

Removing a tariff

Renewable Resources

Rent

Rent-reward for natural resources

Resources

Revenue method to calculate price elasticity of demand

Risk bearing economies

Rival (or depletable)

Rostow Model

S

Savings (S)

Savings-the two sector model

Scarcity

Self-employment

Service

Shape of a PPC

Shifts of the AD Curve

Shifts of the AS Curve

Shifts of the Demand Curve

Shifts of the Supply Curve

Shortage

Size of a firm

Social (external) benefits-CBA

Social (external) costs-CBA

Soft landing

Sources of Government Revenue

Specialisation

Sticky wages

Straight Line Production Possibility Curve

Strategic (essential industry) argument

Strike

Structural Unemployment

Substitutes

Supply

Supply curve and a range of elasticities

Supply elasticity

Supply in the Long-Run

Supply in the Short-Run

Supply of Labour

Supply of labour curve-shifts

Supply Over Time

Supply schedule

Supply-Basic Concepts

Supply-Conditions/Shifts

Surplus

T

Takeover

Tariffs

Tax Avoidance

Tax Evasion

Tax take and the business cycle

Taxes

Technical economies

Technical Optimum

The basic economic problem

The Capital Account

The Current Account

The Financial Account

The Labour Market

The operating balance

The real cost of a decision

Three basic questions

Total Costs (TC)

Trade Cycle

Trade Unions

Trade-BOP components

Trade-Free Trade

Trade-Protectionism

Traditional Economic System

Types of industrial action

Types of taxes

Types of Unemployment

Typical Problems of Less Developed Countries

U

Underemployment

Unemployment and migration

Unemployment benefits & unemployment

Unemployment economic effects

Unemployment social effects

Unemployment-Causes/types

Unemployment-Impacts/policies

Unemployment-Model/basics

Unemployment-Model/changes

Unitary Demand

Uses of the Consumer Price Index

V

Variable Costs (VC)

Vertical Integration

Visibles (BOP)

Voluntary Unemployment

W

Wages

Wages-reward for human resources

Wants

Wealth effect and AD

Weighting an index

What will be produced?

When is supply elasticity higher/lower

Where will a market clear

Who will get what is produced?

Why can individuals not have everything they want

Why investment might not take place

Why is demand limited and wants unlimited

Work-to-rule

X

X inefficiency

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