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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- Sectors of the Economy


Circular Flow Model- Basic ideas

Circular Flow Model-Full Model

Costs-Accounting & Economic

Costs-Basic Concepts

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

Elasticity-Cross (CED)

Elasticity-Demand, Calculations/Uses

Elasticity-Income (YED)

Elasticity-Supply, Basics

Elasticity-Supply, Calculations

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

Inflation-Causes of

Inflation-General Price Level Changes


Inflation-Real Values


Keynesian v Monetarist


Labour Market-Basics

Labour Market-Changes

Linear Equations-Demand

Linear Equations-Supply

Linear Equations-The Market


Market Equilibrium-Basics

Market Equilibrium-Price/Output changes (Advanced)

Market Failure-Basics

Market Failure-Consumption Externalities

Market Failure-Income Inequality

Market Failure-Production Externalities

Monetary Policy

Money-Credit Creation



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

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


Supply-side policies



Trade-Comparative Advantage

Trade-Components of the Balance of Payments

Trade-Current Account Deficit

Trade-Free Trade

Trade-One Country Trade Model


Trade-Terms of Trade

Trade-Two Country Trade Model


Unemployment-Causes of/Types

Unemployment-Impacts & Policies


Glossary of Terms

Each Glossary Term relates to a parent topic above.


Absolute advantage

Absolute equality of income & the Gini coefficient

Absolute inequality of income & the Gini coefficient

Accounting Costs

Accounting Profit

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 maximum price

Advantages of price competition/non price competition

Aggregate Demand

Aggregate Supply

Allocative efficiency and a PPC

Anti-dumping laws (regulations)

Anti-inflationary policies & unemployment


Arguments for protectionism

Assumptions made about a PPC

Average cost pricing for a natural monopoly

Average cost pricing in imperfect competition

Average Fixed Costs (AFC)

Average Tax Rate

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 entry-monopoly power

Batch production

Black market & a maximum price

Bowed Production Possibility Curve

Business Cycle


Calculating cross elasticity of demand

Calculating GDP

Calculating income elasticity of demand

Calculating price elasticity of demand

Calculating supply elasticity

Calculating the Gini coefficient

Calculating the Terms of Trade

Calculations & a maximum price

Calculations & a minimum price

Capital Intensive

Capital Resources

Capital stock/ Phyical capital-Supply-side policies

Causes of changes in the current account

Causes of changes in the exchange rate

Causes of unemployment

Ceiling Price


Central Bank

Ceteris Paribus

Changes in price and output

Changes in the AD/AS Model

Characteristics of an oligopoly market

Charging for a Public Good


Classical Theory

Clean Float

Collective Good


Commercial economies

Company tax rates-Supply-side policies

Comparative advantage

Comparing a value over a number of years

Comparing a value within a year


Complements and CED

Concentration ratio

Concerns over a current account deficit

Conditions for Allocative Efficiency

Conditions required to achieve allocative efficiency

Constant Values


Consumer confidence and AD

Consumer Demand

Consumer Price Index (CPI)

Consumer Sovereignty

Consumption Spending (C)

Consumption spending-the two sector model

Controlling a monopoly

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

Covert (formal) collusion

Credit Creation Process

Cross Elasticity of Demand

Current Values

Cyclical Unemployment


Deadweight loss for a natural monopoly

Decrease in quantity demanded

Decrease in quantity supplied

Decreasing returns to a factor



Demand for foreign exchange

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

Deterioration in the current account

Determinants of Demand

Determinants of Supply

Development-Human Development Index (HDI)

Development-Multidimensional Poverty Index (MPI)

Dirty Float

Disdvantage of a subsidy

Diseconomies of Scale


Distinguishing between economic development & economic growth

Distinguishing between price & cost

Distribution of Income

Division of Labour (DOL)

Downward-sloping average cost curve for a natural monopoly



Economic concepts illustrated by a PPC

Economic Costs

Economic Goods

Economic Profit

Economies of Scale

Education-Supply-side policies

Effects of Growth

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 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



Equality of Income

Equation for demand

Equation for supply


Equilibrium for imperfect competition

Equilibrium output for a natural monopoly


Equity Efficiency Trade-Off

Equity of Income

Equity/Efficiency trade-off

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

Excludable by price

Exclusions from GDP

Expansionary fiscal policy

Expenditure Method

Expenditure-dampening policies

Expenditure-switching policies

Explicit Costs

Export Price Index

Exports one country model

Exports two country model

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

Favourable movement in the Terms of Trade

Features of a demand schedule

Features or characteristics of a natural monopoly

Financial economies

Financial Intermediaries

Firms and Inflation

Firms Sector

Fiscal drag

Fiscal Policy-contractionary

Fixed Costs (FC)

Floor Price

Flow (mass) production

Fluctuations in Economic Activity

Foreign Sector

Free Goods

Free Trade

Free trade-exports

Free trade-imports

Free-Rider Problem

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)

Government Tax Revenue

Growth-Costs & Benefits



Hard landing

Harrod Domar Model


Homogeneous Product

Horizontal World Supply Curve

Household attitude and AD

Household income and AD

Household Sector

Household-the two sector model

Households and Inflation

How changes in the Terms of Trade come about

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 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

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

Impact of deflation on various groups

Implicit Costs

Import licences or quotas (trade barrier)

Import Price Index

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

Income elasticity and the importance of the coefficient

Income elasticity of demand

Income Method

Increase in quantity demanded

Increase in quantity supplied

Increased savings & unemployment

Increased wage demands & unemployment

Indicators of Development

Indirect Tax

Individual demand

Individual Price Rise

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

Inequality and the Gini coefficient

Inequality and the government

Inequality and the Lorenz Curve

Infant industry argument

Inferior Goods and YED


Inflationary expectations and AD

Inflationary Gap

Infrastructure-Supply-side policies


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 Supply


Lewis Growth Model

Limitations of data on economic growth

Limited Means

Linear demand function

Linear supply function

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 pricing for a natural monopoly

Marginal cost pricing perfect competition

Marginal Costs (MC)

Marginal Propensity to Consume

Marginal Propensity to Import

Marginal Propensity to Save

Marginal Propensity to Tax

Marginal Tax Rate

Mark-up pricing in imperfect competition

Market Demand

Market failure

Market Supply

Maximum Price Control

Measures of Unemployment

Merit Good

Mid-point method to calculate cross elasticity of demand

Mid-point method to calculate income elasticity of demand

Mid-point method to calculate price elasticity of demand

Mid-point method to calculate price elasticity of supply

Minimum Price Control

Minimum Wage

Monetary Policy

Money flows-two sector model

Monopolist Competition

Monopoly (Monopolist)


Movements along a Demand Curve

Movements along a Supply 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


Nash Equilibrium

Natural Monopoly

Natural Resources

Necessities and YED

Negative (disadvantages) outcomes of economic growth

Negative cross elasticity of demand

Negative Externality of Consumption

Negative Externality of Production

Net Exports (X-M)

No barriers to entry

Non Zero Sum Game

Non-excludable by price

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


Peak (boom)

Percentage method to calculate cross elasticity of demand

Percentage method to calculate income elasticity of demand

Percentage method to calculate price elasticity of demand

Percentage method to calculate price elasticity of supply

Perfect Competition

Perfect Information (Knowledge)

Perfect knowledge perfect competition

Perfect mobility of factors

Perfectly inelastic supply

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 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 cross elasticity of demand

Positive Externality of Consumption

Positive Externality of Production

PPC illustrating a decision to produce more capital goods

PPC illustrating a decision to produce more consumer goods


PPC-Opportunity cost



Price Competition

Price control for a monopoly

Price elasticity of supply

Price per unit a firm receives with a sales tax

Price per unit a firm receives with a subsidy

Price Taker

Price Wars

Pricing in imperfect competition

Primary Expansion of the Money Supply

Primary Sector

Private Good


Producer-the two sector model

Product Differentiation


Production efficiency and a PPC

Production Method

Production Possibility Curve


Productivity/technology & the AS curve


Profit maximising rule for imperfect competition

Profit maximising rule for perfect competition

Profit-reward for entrepreneurship

Progressive Tax

Property Rights


Prudential Ratio

Public Good




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 diseconomies of scale

Reasons for earning different incomes

Reasons for economies of scale

Reasons for free trade

Reasons why government imposes taxes


Recessionary Gap

Regional and skill-based mismatch & unemployment

Regressive Tax

Related Goods

Relationship between the Terms of Trade & the current account

Removing a tariff

Renewable Resources


Rent-reward for natural resources


Revenue (TR/AR/MR) imperfect competiton

Revenue (TR/AR/MR) perfect competition

Revenue method to calculate price elasticity of demand

Risk bearing economies

Rival (or depletable)

Roles of Government

Rostow Model


Savings (S)

Savings and Inflation

Savings-the two sector model


Secondary Expansion of the Money Supply

Secondary Sector



Setting (establishing) an exchange rate

Shape of a PPC

Shifts of the AD Curve

Shifts of the AS Curve

Shifts of the Demand Curve

Shifts of the Supply Curve


Size of the basic multiplier

Soft landing

Sources of Government Revenue


Sticky wages

Straight Line Production Possibility Curve

Strategic (essential industry) argument

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

Structural Unemployment

Subnormal Profit



Substitutes and CED

Supernormal Profit


Supply curve and a range of elasticities

Supply elasticity

Supply in the Long-Run

Supply in the Short-Run

Supply of foreign exchange

Supply of Labour

Supply of labour curve-shifts

Supply Over Time

Supply schedule



Tacit (informal) collusion


Tax Avoidance

Tax Evasion

Tax take and the business cycle

Technical economies

Technical Optimum

Terms of Trade

Tertiary Sector

The 45 Degree Line

The basic economic problem

The Capital Account

The Current Account

The Financial Account

The foreign exchange market

The Labour Market

The Multiplier Process

The real cost of a decision

Total Costs (TC)

Trade and Inflation

Trade Cycle

Trade reforms-Supply-side policies

Trade weighted index

Trade-Weighted Index

Two Country Trade Model

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

Unequal rewards and income inequality

Unfavourable movement in the Terms of Trade


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 is supply elasticity higher/lower

Where will a market clear

Why can individuals not have everything they want

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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