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AD - C + I (CIE)

AD- C + I

AD- G + (X-M)

AD/AS Model

Aggregate Supply


Basic Concepts-Central Ideas (demo)

Basic Concepts-Resources (FOP) (demo)

Business Cycle

Business Growth

Business- Sectors of the Economy


Business-Types of Ownership


Circular Flow Model- Basic ideas

Circular Flow Model-Full Model

Cost-Benefit Analysis (CBA)

Costs-Basic Concepts

Costs-Break-Even/Shut-Down/Diminishing Returns

Costs-Cost Curve Relationships

Costs-Economies of Scale


Demand-Basics Concepts


Demand-Types of Goods & Services


Economic Development

Economic Growth-Causes/Costs & Benefits

Economic Growth-Savings/Investment

Economic Systems

Elasticity-Calculations (Ep, Es, Ey & Ex)

Elasticity-Demand, Basics

Elasticity-Demand, Calculations/Uses

Elasticity-Supply, Basics

Elasticity-Supply, Calculations

Exchange Rates-J Curve


Fiscal Policy


Inflation-Causes of

Inflation-General Price Level Changes

Inflation-Real Values

Inflation-The Consumer Price Index


Labour Market-Basics

Labour Market-Changes


Macroeconomics-Aims & Conflicts

Market Equilibrium-Basics

Market Equilibrium-Price/Output changes (Advanced)

Market Failure-Consumption Externalities

Market Failure-Production Externalities

Monetary Policy



Price Controls-Maximum Price (demo)

Price Controls-Minimum Price

Private Goods and Public Goods

Production & the Production Process

Production Possibility Curve-Basics

Production Possibility Curve-Shifts/Uses


Sales Tax and the Market

Sales Tax Incidence

Subsidy and the Market

Subsidy Incidence

Supply-Basics Concepts




Trade Unions

Trade-Changing Pattern of Trade

Trade-Components of the Balance of Payments

Trade-Current Account Deficit

Trade-Free Trade

Trade-One Country Trade Model


Trade-Two Country Trade Model


Unemployment-Causes of/Types

Unemployment-Impacts & Policies


Glossary of Terms

Each Glossary Term relates to a parent topic above.


Actual Employment

AD/AS Model

Advantage of a subsidy

Advantages & disadvantages of batch production

Advantages & disadvantages of flow (mass) production

Advantages & disadvantages of job production

Advantages of a company

Advantages of a credit card

Advantages of a loan

Advantages of a maximum price

Advantages of a partnership

Advantages of a sole trader

Advantages of an overdraft

Advantages of leasing

Aggregate Demand

Aggregate Supply

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)


Backward vertical integration

Balance on Current Transfers

Balance on Goods

Balance on Income

Balance on Services


Base year

Batch production

Black market & a maximum price

Bowed Production Possibility Curve


Business Cycle

Business Finance

Business plan

Business Units


Calculating price elasticity of demand

Calculating supply elasticity

Calculations & a maximum price

Calculations & a minimum price

Capital expenditure

Capital Intensive

Capital Resources

Causes of changes in the current account

Causes of unemployment

Ceiling Price


Central Bank

Ceteris Paribus

Changes in price and output

Changes in the AD/AS Model

Charging for a Public Good



Collective Good

Command economy

Commercial economies


Comparing a value over a number of years

Comparing a value within a year


Concerns over a current account deficit

Conspicuous consumption

Constant Values


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 to Government of a Subsidy

Costs directly related to production

Costs independent of output

Costs of Production

Costs of production & the AS curve

Credit card-business finance


Current Values

Cyclical Unemployment



Decrease in quantity demanded

Decrease in quantity supplied

Decreasing returns to a factor



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

Demerit Good


Derived demand

Deriving a Firm's Supply Curve from the Marginal Cost Curve

Deterioration in the current account

Determinants of Demand

Determinants of Supply

Development-Human Development Index (HDI)

Development-Multidimensional Poverty Index (MPI)

Diminishing returns and marginal costs

Disadvantages of a company

Disadvantages of a credit card

Disadvantages of a loan

Disadvantages of a partnership

Disadvantages of a sole trader

Disadvantages of an overdraft

Disadvantages of leasing

Discretionary income

Disdvantage of a subsidy

Diseconomies of Scale


Distinguishing between economic development & economic growth

Distinguishing between price & cost


Division of Labour (DOL)

Double Coincidence of Wants


Economic concepts illustrated by a PPC

Economic Goods

Economies of Scale

Elastic Demand

Elastic demand and incidence of a subsidy on buyers & sellers

Elastic demand and incidence of a tax on buyers & sellers

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

Embargo (trade barrier)

Employment argument for protectionism



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

Expenditure-dampening policies

Expenditure-switching policies

Exports one country model

Exports two country model

External finance for a business

Externalities of Consumption

Externalities of Production


Factors of Production

Factors that can influence the level of unemployment

Factors that determine supply elasticity

Factors that Influence Investment

Factors that Influence Savings

Factors that influence the size of the labour force

Features of a demand schedule

Features of products that are elastic in nature

Features of products that are inelastic in nature

Financial economies

Financial Intermediaries

Firms Sector

Fiscal drag

Fiscal Policy-contractionary

Fixed Costs (FC)

Floor Price

Flow (mass) production

Fluctuations in Economic Activity

Foreign Sector

Forward vertical integration

Free Goods

Free Trade

Free trade-exports

Free trade-imports

Free-Rider Problem

Frictional Unemployment

Full employment and the natural rate of unemployment

Functions of Money

Funding a current account deficit


Giffen good



Government and the current account

Government Budget Deficit

Government Budget Surplus

Government Sector

Government Spending

Government Spending (G)

Government Tax Revenue

Growth-Costs & Benefits



Hard landing

Harrod Domar Model

Hire Purchase and business finance


Horizontal Integration

Horizontal World Supply Curve

Household attitude and AD

Household income and AD

Household Sector

Household-the two sector model

How to calculate the labour force

How to calculate the labour force participation rate

How to calculate the unemployment rate

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 per unit sales tax

How to illustrate a per unit subsidy

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


Impact of a subsidy on consumers

Impact of a subsidy on producers

Impact of an indirect tax on consumers

Impact of an indirect tax on producers

Import licences or quotas (trade barrier)

Importance of events for growth

Imports one country model

Imports two country model

Imposing a tariff

Improvement in the current account

Improving productivity

Improving productivity-Division of labour

Improving productivity-Specialisation

Incidence of a Sales Tax

Incidence of a Subsidy

Increase in quantity demanded

Increase in quantity supplied

Increased savings & unemployment

Increased wage demands & unemployment

Increasing returns to a factor

Indicators of Development

Indirect Tax

Individual demand

Individual Price Rise

Inelastic Demand

Inelastic demand and incidence of a subsidy on buyers & sellers

Inelastic demand and incidence of a tax on buyers & sellers

Inelastic supply

Inequality and Economic Development

Inequality and taxes

Infant industry argument

Inferior Goods


Inflationary expectations and AD

Inflationary Gap


Interdependence-the two sector model


Interest Rates

Interest rates and AD

Interest-reward for capital resources

Internal finance for a business

Investment (I)

Investment Spending (I)

Investment-the two sector model


Invisibles (BOP)

Involuntary Unemployment


J Curve effect

Job production


Kuznets curve


Labour force & the AS curve

Labour force participation rate

Labour Intensive

Lack of qualifications & unemployment

Law of Demand

Law of Diminishing Returns

Law of Supply



Lewis Growth Model

Limitations of the Consumer Price Index

Limited Liability

Limited Means

Link between greater savings or capital goods & living standards

Link between saving & investment

Long-term finance



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


Managerial economies

Marginal Costs (MC)

Marginal Tax Rate

Market Demand

Market Economic System

Market Supply

Maximum Price Control

Measures of Unemployment


Merit Good

Mid-point method to calculate price elasticity of demand

Mid-point method to calculate price elasticity of supply

Minimum Price Control

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


Natural Resources


Negative (disadvantages) outcomes of economic growth

Negative Externality of Consumption

Negative Externality of Production

Negative impacts of a trade union

Net Exports (X-M)

Non-excludable by price

Non-Renewable Resources



Obstacles to growth

Official Cash Rate (OCR)


Opportunity Cost




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-Opportunity cost



Price at which a firm will break even

Price at which a firm will shut-down

Price elasticity of demand

Price elasticity of supply

Price index

Price per unit a firm receives with a sales tax

Price per unit a firm receives with a subsidy

Primary Sector

Private Good

Problems of a small firm


Producer-the two sector model

Producers Price Index (PPI)


Production efficiency and a PPC

Production Possibility Curve


Productivity/technology & the AS curve


Profit-reward for entrepreneurship

Progressive Tax

Property Rights


Public Good


Qualities of Money



Real flows-two sector model

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 maximum price

Reasons for a minimum price

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 funds are required by a business

Reasons why government imposes taxes


Recessionary Gap

Regional and skill-based mismatch & unemployment

Regressive Tax

Related Goods

Removing a tariff

Renewable Resources


Rent-reward for natural resources


Retained Profits

Revenue expenditure

Revenue method to calculate price elasticity of demand

Risk bearing economies

Rival (or depletable)

Rostow Model

Running down stock levels


Sale of an existing asset

Savings (S)

Savings-the two sector model


Secondary Sector



Shape of a PPC

Shifts of the AD Curve

Shifts of the AS Curve

Shifts of the Demand Curve

Shifts of the Supply Curve

Short-term finance



Size of a firm

Social (external) benefits-CBA

Social (external) costs-CBA

Soft landing

Sole Trader

Sources of Government Revenue


Starter (seed) capital

Sticky wages

Straight Line Production Possibility Curve

Strategic (essential industry) argument


Structural Unemployment



Sunrise industry

Sunset industry


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





Tax Avoidance

Tax Evasion

Tax take and the business cycle

Technical economies

Technical Optimum

Tertiary Sector

The basic economic problem

The Capital Account

The Current Account

The Financial Account

The Labour Market

The real cost of a decision

The reason for diminishing returns

Three basic questions

Total Costs (TC)

Trade Credit

Trade Cycle

Traditional Economic System

Two Country Trade Model

Types of industrial action

Types of taxes

Types of Unemployment

Typical Problems of Less Developed Countries



Unemployment and migration

Unemployment benefits & unemployment

Unemployment economic effects

Unemployment rate

Unemployment social effects

Unitary Demand

Unlimited Liability

Uses of the Consumer Price Index


Values conflict and compromises

Values influence decisions made

Values people hold

Variable Costs (VC)

Vertical Integration


Visibles (BOP)

Voluntary Unemployment



Wages-reward for human resources


Wealth effect and AD

Weighting an index

What will be produced?

When is supply elasticity higher/lower

When will a firm break even

When will a firm shut-down

Where will a market clear

Who will get what is produced?

Why a firms experiences diminishing returns in the short run

Why can individuals not have everything they want

Why diminishing returns causes a firm's marginal costs to increase

Why investment might not take place

Why is demand limited and wants unlimited


Working-age population


X inefficiency

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