Acceptance criteria performance requirements and essential conditions that have to be achieved before project deliverables are. Adjusted net savings the true rate of savings in an economy after. The concept is covered with a heads up to ward off confusion, a realworld. Consumer price index cpi a statistical measure of the average level of prices in. Retail price information is gathered on each type of product, and then weighted according to its importance in overall consumer spending, to construct the cpi. Economics for igcse has been endorsed by university of cambridge international. This dictionary is primarily aimed at supporting secondary and tertiary students who are studying business and commerce related subjects. A level economics year 2 business economics page 33 procurement collusion where companies illegally bid for large contracts by rigging bids to decide which one of them gets the contract in advance. Both our as and a level provide strong standalone qualifications that can be taught together or independently of one another, allowing you to choose the approach that is. This is a key term glossary for the aqa macroeconomics syllabus.
The glossary gives a short definition of each technical term. Economics as level notes economics definition the study of how to allocate scarce resources in the most effective way economic problem definition how to allocate scarce resources among alternative uses household definition a group of people whose spending decisions are connected microeconomics definition the study of how households and firms make decisions in markets. Equation also known as the equation of exchange, an identity relating the amount of money in circulation to the price level and level of output in an aggregate economy. A glossary of microeconomics terms digital economist. We take the prices of a given basket of consumption goods.
Economics the study of how a given society allocates scarce resources to meet. You dont need to buy approved textbooks in order to teach our specifications. Directors board of directors sets company policy, meets. Key economic terms for economics as and a level edexcel. Cambridge igcse and o level economics coursebook by susant grant pdf this series helps students understand economic theory, terminology and principles. Budget set different bundles of goods and services that are attainable to the consumer at given market prices and the consumers fixed level of income. Gdp through changing government spending and taxation levels, whilst. The lorenz curve shows the cumulative share of income from different sections of the population. Glossary of important business, economic, and financial history terms by robert e. Handy definitions glossary for unit 4 edexcel economics. Here youll find everything you need to prepare for as level economics a including our specification and sample assessment materials. The authors take a threepronged approach to every chapter. Glossary of economic terms administrative regulations.
A complete list of all the key economic terms specially tailored for the edexcel specification 2015. The best economics as and a level notes, revision guides, tips and websites compiled from all around the world at one place for your ease so you can prepare for your tests and examinations with the satisfaction that you have the best resources available to you. In simple terms, aggregate supply represents the ability of an economy to produce goods and services either in the shortterm or in the longterm. A corporation can own property and borrow and can be sued in court.
Theories of market structure and competitive behaviour in markets. You can order aqaapproved textbooks directly from the publishers. Economics is the basis of our daily lives, even if we do not always realise it. Key terms a2levellevelrevision, economics, keyterms. Even economists have trouble defining exactly what economics means. Principles of economics aims to teach considerable range and depth of economic concepts through an approachable style and methodology. Project management glossary terms usaid learning lab. If one person, firm or country can produce more of something with the same amount of effort and. Stockholders own company, shares show fraction of company owned, one vote per share. This glossary of economics is a list of definitions of terms and concepts used in economics, its subdisciplines, and related fields. Profit and loss ac count account showing how the net profit of a business and the retained profit of a company are calculated. Key term glossary for as micro tutor2u ability to pay where taxes should be set according to how well a person can afford to pay ad valorem tax an indirect tax based on a percentage of the sales price of a good or service adam smith one of the founding fathers of modern economics.
Decreasing returns to scale technological conditions under which the percentage increase in a firms output is less than the percentage change in inputs. Demand the want or willingness of a consumer or group of consumers to buy a good or service. Lorenz in 1905 for representing wealth distribution. Download the as economics micro key term glossary pdf subscribe to email updates from tutor2u economics join s of fellow economics teachers and students all getting the tutor2u economics teams latest resources and support delivered fresh in their inbox every morning. Demand side policy a government policy designed to manage aggregate demand in the economy in order to control the level of price inflation, employment and output. Cambridge international as and a level economics book pdf. Complete economics dictionary complete economics dictionary. Absolute advantage this is the simplest yardstick of economic performance.
Global economy finally, the long awaited list of definitions for those international students who will be sitting for edexcel alevels economics, unit 4. Assessment objectives this economics specification requires candidates to. Aggregate supply as measures the volume of goods and services produced within the economy. Aqa economics unit 1 and 2 full definitions flashcards. Economics dictionary glossary over 3000 terms defined and cross referenced via live links. O level and a level economics all over the world as well as remotely through the internet. Apply knowledge and understanding using appropriate terms, concepts, theories and methods effectively to address. A and as level economics 9708 past papers 2019 march, june. The textbooks included below for as and a level economics by hodder education are now aqa approved. Financial economics basic terminology corporate structure a corporation has legal rights somewhat like a person. Wants desires for consumption of goods and services needs what you need to survive choice alternatives in economics this means alternative uses of scarce resources scarce resources these are limited in supply therefore choices need to be made regarding their use the economic problem resources have to be allocated between competing uses as wants are infinite and resources are. The consumer price index cpi is a measure of the overall price level paid by consumers for the various goods and services they purchase. The coursebook helps students apply tools of economic analysis, make judgements on economic issues, use basic economic numeracy and literacy, and take greater part.
Secondary indus try the industry which manufactures goods using the raw materials provided by primary industry. Economics is a complex subject filled with a maze of confusing terms and details which can be difficult to explain. Demonstrate knowledge and understanding of the specified subject content. Finance term concise definition break even point the level of sales at which total costs equal total revenue. A public financial institution, usually established at the national level and controlled by a national government, which sets shortterm interest rates. Adam smith 1723 1790 regarded as the father of modern. If one person, firm or country can produce more of something with the same amount of effort and resources, they have an absolute advantage over other producers. As micro key term glossary 2015 edition economics tutor2u. Whether it is an explanation of how firms work, or people vote, or customers buy, or governments subsidise, economists have examined evidence and produced theories which can be checked against practice. Tutor2u a2 macroeconomics glossary termconcept glossary description aaa credit rating the best credit rating that can be given to a corporations or a governments bonds loans, effectively indicating that the risk of loan default is negligible absolute advantage the ability to produce a product good or service at a lower unit cost. The page below contains most of the key terms from an introductory economics course. Business studies glossary sir thomas boughey academy. Composed by educated writers in a luring and available vogue, this coursebook gives thorough scope of the data with. This is the simplest yardstick of economic performance.
Accounting, business studies and economics dictionary. An estimator that converges in probability to the population parameter as the sample size grows without bound. In japan, the root cause of deflation was very slow economic growth and a high level of spare excess capacity in many industries that was driving prices lower. Term concise definition primary industry the industry which extracts the natural resources of the earth. Wright, director of the thomas willing institute for the study of financial markets, institutions, and regulations and the nef family chair of political economy, augustana college sd this work is not ed. A glossary of microeconomics terms abundance a physical or economic condition where the quantity available of a resource exceeds the quantity desired in the absence of a rationing system. Key terms flashcards at proprofs key terms for aqa as level microeconomics unit 1. Study flashcards on aqa economics unit 1 and 2 full definitions at. Through the cambridge international as and a level economics syllabus, learners study how to explain and analyse economic issues and arguments, evaluate economic information, and organise, present and communicate ideas and judgements clearly. To read a definition scroll your cursor over a term or click on the term. The percentage of samples in which we want our confidence interval to contain the population value. However, some economists argue that advertising is economically valuable because it increases the flow of information in the economy and reduces the.
A level economics year 1 as macroeconomics page 18 claimant count the number of people claiming unemploymentrelated benefits. Noun n the codes c and u show whether a noun, or a particular sense of a noun, is countable an agenda, two agendas or uncountable. Business studies glossary sir thomas boughey high school. Consumer price index cpi a statistical measure of the average level of prices in the uk. A glossary of macroeconomics terms digital economist. It matches the cambridge igcse and o level economics syllabuses. This book is intended for a twosemester course in economics taught out of the social sciences or business school. Macroeconomic notes balance of payments budget deficit economic growth fiscal policy globalisation exchange rates european union the euro monetary policy inequality inflation international trade supply side policies unemployment microeconomics notes as consumer and producer surplus demand economies of scale elasticity price elasticity of demand cross elasticity of demand income elasticity.
Who glossary of terms used in the health for all series. Aggregate supply aggregate supply as measures the volume of goods and services produced within the economy at a given price level. The syllabus covers a range of basic economic ideas, including an introduction to the price system and. A measure of allocative inefficiency as the reduction in consumer and producer surplus resulting from a restriction of output below its efficient level. Cambridge international as and a level economics 9708.
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