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Accelerator Theory

AD - C + I (CIE)

AD- C + I

AD- G + (X-M)

AD/AS Model

Aggregate Supply


Basic Concepts-Resources (FOP) (demo)

Basic Concepts-Scarcity, choice and opportunity cost (demo)

Business Cycle


Circular Flow Model- Basic ideas

Circular Flow Model-Full Model

Consumer/Producer Surplus-Protectionism

Contestable Markets

Costs-Accounting & Economic

Costs-Basic Concepts

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

Costs-Cost Curve Relationships

Costs-Economies of Scale


Demand-Basics Concepts



Economic Development

Economic Growth-Calculating GDP

Economic Growth-Causes/Costs & Benefits

Economic Growth-Savings/Investment

Economic Rent and Transfer Earnings

Elasticity-Income (YED)

Exchange Rates-Basics

Exchange Rates-Forex Market

Exchange Rates-J Curve


Fiscal Policy


Game Theory

Gini coefficient


Imperfect Competition-Features

Imperfect Competition-Monopoly

Imperfect Competition-MR=MC (Equilibrium )

Imperfect Competition-Revenue Curves

Indifference Curves


Keynesian v Monetarist


Labour Market-Basics

Labour Market-Changes

Labour Market-Perfect/Imperfect


Market Equilibrium-Basics

Market Equilibrium-Price/Output changes (Advanced)

Market Failure-Basics

Market Failure-Income Inequality

Monetary Policy

Money-Credit Creation

Money-Liquidity Preference Theory



Nationalisation v Privatisation

Natural Monopoly


Oligopoly and Differing Objectives of a Firm


Perfect Competition-Features

Perfect Competition-Long Run

Perfect Competition-MR=MC (Equilibrium)

Perfect Competition-Revenue Curves

Price Competition & Non-Price Competition

Production & the Production Process


Supply-side policies (CIE)


Trade Unions

Trade-Changing Pattern of Trade

Trade-Components of the Balance of Payments

Trade-Current Account Deficit

Trade-One Country Trade Model

Trade-Two Country Trade Model


Unemployment-Causes of/Types

Unemployment-Impacts & Policies


Utility-Deriving demand

Utility-Equi-marginal rule

Glossary of Terms

Each Glossary Term relates to a parent topic above.


Absolute equality of income & the Gini coefficient

Absolute inequality of income & the Gini coefficient

Accelerator Theory

Accounting Costs

Accounting Profit

Actual Employment

AD/AS Model

Advantages & disadvantages of batch production

Advantages & disadvantages of flow (mass) production

Advantages & disadvantages of job production

Advantages of price competition/non price competition

Aggregate Demand

Aggregate Supply

Aggregate supply-Supply Side Policies

Anti-inflationary policies & unemployment

Applying the equi-marginal rule


Arguments for nationalisation

Arguments for privatisation

Asset demand for money

Assumptions-contestable market

Autonomous investment

Autonomous spending

Average cost pricing for a natural monopoly

Average cost pricing in imperfect competition

Average Fixed Costs (AFC)

Average propensity to consume (APC)

Average propensity to save (APS)

Average Total Costs (ATC or AC)

Average Variable Costs (AVC)


Balance on Current Transfers

Balance on Goods

Balance on Income

Balance on Services

Barriers to contestable markets

Barriers to entry-monopoly power

Batch production


Broad money

Business Cycle


Calculating GDP

Calculating income elasticity of demand

Calculating the Gini coefficient

Capital Intensive

Capital Resources

Causes of changes in the current account

Causes of changes in the exchange rate

Causes of unemployment


Central Bank

Ceteris Paribus

Changes in allocative efficiency (Protectionism)

Changes in consumer surplus (Protectionism)

Changes in price and output

Changes in producer surplus (Protectionism)

Changes in the AD/AS Model

Characteristics of an oligopoly market


Classical Theory

Clean Float


Commercial economies


Concentration ratio

Concerns over a current account deficit

Conditions for Allocative Efficiency

Conditions required to achieve allocative efficiency


Consumer confidence and AD

Consumer Demand

Consumer equilibrium (maximising utility)- a single good

Consumer equilibrium (maximising utility)-two or more goods

Consumer Sovereignty

Consumer Surplus-Protectionism

Consumption function

Consumption Spending (C)

Consumption spending-the two sector model

Contestable markets

Controlling a monopoly

Costs directly related to production

Costs independent of output

Costs of production & the AS curve

Covert (formal) collusion

Credit Creation Process

Cyclical Unemployment


Deadweight loss for a natural monopoly

Deadweight Loss-Protectionism

Decrease in quantity demanded

Decreasing returns to a factor


Demand for foreign exchange

Demand for Labour

Demand for labour curve-shifts

Demand schedule



Derived demand

Deriving a demand schedule using utility

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

Deterioration in the current account

Determinants of Demand

Development-Human Development Index (HDI)

Development-Multidimensional Poverty Index (MPI)

Diminishing returns and marginal costs

Dirty Float

Diseconomies of Scale

Distinguishing between economic development & economic growth

Distribution of Income

Division of Labour (DOL)

Downward-sloping average cost curve for a natural monopoly



Economic Costs

Economic Goods

Economic Profit

Economic rent

Economies of Scale


Entry limit pricing


Equality of Income

Equi-marginal Rule


Equilibrium for imperfect competition

Equilibrium output for a natural monopoly


Equity of Income

Examples of fixed costs

Examples of variable costs

Excess Demand

Excess Supply

Exchange Rate Diagram

Exchange rates & the AS curve

Exchange rates & the BOP

Exchange rates-calculating earnings for exporters

Exchange rates-calculating payment for importers

Exclusions from GDP

Expansionary fiscal policy

Expenditure Method

Expenditure-dampening policies

Expenditure-switching policies

Explicit Costs

Exports one country model

Exports two country model


Factors of Production

Factors that can influence the level of unemployment

Factors that Influence Investment

Factors that Influence Savings

Factors that influence the size of the labour force

Features of a demand schedule

Features or characteristics of a natural monopoly

Financial economies

Financial Intermediaries

Firms Sector

Fiscal Policy-contractionary

Fixed Costs (FC)

Flow (mass) production

Fluctuations in Economic Activity

Foreign Sector

Free Goods

Frictional Unemployment

Full employment and the natural rate of unemployment

Full multiplier

Funding a current account deficit


Game Theory

Game Theory and Auctions

Game Theory-The Play Safe Option

Game Theory–Collusion



Government and the current account

Government Budget Deficit

Government Budget Surplus

Government ownership of a natural monopoly

Government Sector

Government Spending

Government Spending (G)

Growth-Costs & Benefits



Hard landing

Harrod Domar Model

Hit and run entry


Homogeneous Product

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 demand schedule

How to derive market demand

How to derive market supply

How to illustrate a price change on a demand curve

Human Resources


Imperfectly Competitive Labour Market

Implicit Costs

Importance of events for growth

Imports one country model

Imports two country model

Improvement in the current account

Improving productivity

Improving productivity-Division of labour

Improving productivity-Specialisation

Income Effects with Indifference Curves

Income elasticity and the importance of the coefficient

Income elasticity of demand

Income Method

Increase in quantity demanded

Increased savings & unemployment

Increased wage demands & unemployment

Increasing returns to a factor

Indicators of Development

Indifference Curves

Indifference Curves-Budget Lines

Individual demand

Induced investment

Inequality and Economic Development

Inequality and the Gini coefficient

Inequality and the government

Inequality and the Lorenz Curve

Inferior Goods and YED

Inflationary expectations and AD

Inflationary Gap

Influences on the Marginal Propensity to Consume (MPC)


Interdependence-the two sector model


Interest Rates

Interest rates and AD

Interest rates and the exchange rate

Interest-reward for capital resources

Investment (I)

Investment Spending (I)

Investment-the two sector model


Invisibles (BOP)

Involuntary Unemployment


J Curve effect

Job production

John Maynard Keynes


Keynesian and Monetarist doctrines

Kinked demand curve phenomenon

Kuznets curve


Labour force & the AS curve

Labour force participation rate

Labour Intensive

Lack of qualifications & unemployment

Law of Demand

Law of Diminishing Marginal Utility

Law of Diminishing Returns


Lewis Growth Model

Limitations of data on economic growth

Limitations of the accelerator theory

Limited Means

Link between greater savings or capital goods & living standards

Link between saving & investment

Lorenz Curve

Lorenz model & the Gini coefficient

Loss leader

Luxuries and YED




Managerial economies

Marginal analysis for a monopoly

Marginal analysis for a natural monopoly

Marginal analysis for perfect competition

Marginal cost for a natural monopoly

Marginal cost of labour (MCL)

Marginal cost pricing for a natural monopoly

Marginal cost pricing perfect competition

Marginal Costs (MC)

Marginal physical product of labour (MPPL)

Marginal product of labour

Marginal Propensity to Consume

Marginal Propensity to Import

Marginal Propensity to Save

Marginal Propensity to Tax

Marginal revenue product of labour (MRPL)

Marginal Utility

Mark-up pricing in imperfect competition

Market Demand

Market failure

Market Supply

Marketing costs-contestable markets

Measures of Unemployment

Mid-point method to calculate income elasticity of demand

Minimum Wage

Monetary Policy

Money flows-two sector model

Monopolist Competition

Monopoly (Monopolist)


Movements along a Demand Curve

MR greater than MC (missing out on marginal profits) for imperfect competition

MR greater than MC (missing out on marginal profits) for perfect competition

MR less than MC (making marginal losses) for imperfect competition

MR less than MC (making marginal losses) for perfect competition

MUa/Price A =MUb/Price B


Narrow money

Nash Equilibrium

Natural Monopoly

Natural Resources

Necessities and YED

Negative (disadvantages) outcomes of economic growth

Negative impacts of a trade union

Negative utility-indifference curve

Net Exports (X-M)

Neutral good-indifference curve

No barriers to entry

Non Zero Sum Game

Non-Price Competition

Non-Renewable Resources

Normal goods and inferior goods

Normal Goods and YED

Normal Profit


Objectives of an oligopoly-sales revenue maximisation

Objectives of an oligopoly-sales volume maximisation

Objectives of an oligopoly-satisficing

Objectives of an oligopoly-survival

Obstacles to growth

Official Cash Rate (OCR)


Opportunity Cost

Optimum purchase rule


Patents-contestable markets

Peak (boom)

Percentage method to calculate income elasticity of demand

Perfect Competition

Perfect complement-indifference curve

Perfect Information (Knowledge)

Perfect knowledge perfect competition

Perfect mobility of factors

Perfect substitutes-indifference curve

Perfectly Competitive Labour Market

Perfectly Competitive Labour Market

Policies concerning a natural monopoly

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 on unemployment

Policy Target Agreement (PTA)

Positive (advantages) outcomes of economic growth

Positive impacts of a trade union

PPC illustrating a decision to produce more capital goods

PPC illustrating a decision to produce more consumer goods

Predatory Pricing-contestable markets

Price at which a firm will break even

Price at which a firm will shut-down

Price Competition

Price control for a monopoly

Price equals Marginal Utility (P=MU)

Price Taker

Price Wars

Pricing in imperfect competition

Primary Expansion of the Money Supply

Producer Surplus-Protectionism

Producer-the two sector model

Product Differentiation


Production Method


Productivity/technology & the AS curve


Profit maximising rule for imperfect competition

Profit maximising rule for perfect competition

Profit-reward for entrepreneurship

Prudential Ratio


Quasi rent


Real flows-two sector model

Reason for the downward slope of the demand for labour curve

Reason for the slope of the supply of labour curve

Reasons for a shift of the demand for labour curve

Reasons for a shift of the supply of labour curve

Reasons for diseconomies of scale

Reasons for earning different incomes

Reasons for economies of scale


Recessionary Gap

Regional and skill-based mismatch & unemployment

Renewable Resources


Rent-reward for natural resources


Revenue (TR/AR/MR) imperfect competiton

Revenue (TR/AR/MR) perfect competition

Risk bearing economies

Roles of Government

Rostow Model


Savings (S)

Savings-the two sector model


Secondary Expansion of the Money Supply



Setting (establishing) an exchange rate

Shifts of the AD Curve

Shifts of the AS Curve

Shifts of the Demand Curve



Single or dominant buyer of labour

Size of the basic multiplier

Soft landing

Sources of Government Revenue


Standard Keynesian consumption function

Sticky wages

Strategies that a firm can use to increase its market share or increase sales


Structural Unemployment

Subnormal Profit


Substitution Effects with Indifference Curves

Sunk Costs-contestable markets

Sunrise industry

Sunset industry

Supernormal Profit

Supply of foreign exchange

Supply of Labour

Supply of labour curve-shifts



Tacit (informal) collusion

Technical economies

Technical Optimum

The 45 Degree Line

The basic economic problem

The Capital Account

The Current Account

The Financial Account

The foreign exchange market

The internet and contestability

The Labour Market

The Marginal Efficiency of Capital (MEC)

The Multiplier Process

The real cost of a decision

The reason for diminishing returns

Total Costs (TC)

Total Utility

Trade Cycle

Trade Unions and Wage Determination

Trade weighted index

Trade-Weighted Index

Transaction demand for money

Transfer earnings

Two Country Trade Model

Types of industrial action

Types of Unemployment

Typical Problems of Less Developed Countries



Unemployment and migration

Unemployment benefits & unemployment

Unemployment economic effects

Unemployment rate

Unemployment social effects

Unequal rewards and income inequality

Using utility to determine the order of purchases




Values conflict and compromises

Values influence decisions made

Values people hold

Variable Costs (VC)


Visibles (BOP)

Voluntary Unemployment



Wages-reward for human resources


Wealth and inequality

Wealth effect and AD

When will a firm break even

When will a firm shut-down

Where will a market clear

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


Zero Sum Game

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