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A Level Economics glossary.

Clear, exam ready definitions of every key term in the H1 and H2 syllabus, each linked to the full chapter. Free to use.

215 terms defined

A

Absolute advantage Actual growth Ad valorem tax Adverse selection Aggregate demand Aggregate supply Allocation of resources Allocative efficiency Appreciation Arbitrage Asymmetric information Automatic stabilisers

B

Balance of payments Barriers to entry Binding price control Black market Budget balance

C

Capital and financial account Carbon tax Central economic problem Choice Circular flow of income Collusion Comparative advantage Complements Consumer price index Consumer surplus Consumption Contestable market Core inflation Cost-push inflation Cross elasticity of demand Current account Current account deficit Current account surplus Cyclical unemployment

D

Deadweight loss Deflation Demand-pull inflation Demerit good Depreciation Diseconomies of scale Disinflation

E

Economic growth Economic welfare Economies of scale Elastic demand Exchange rate Exchange rate policy External economies of scale External shock Externality

F

Factors of production Fiscal policy Fiscal prudence Four sector model Free rider problem Free trade Frictional unemployment Full employment

G

Gains from trade GDP per capita General price level Gini coefficient Government intervention Government spending Gross domestic product Gross national income

H

Human Development Index

I

Imported inflation Impossible trinity Incentive function Inclusive growth Income elasticity of demand Income inequality Indirect tax Inelastic demand Infant industry Inferior good Inflation Information failure Injection Interdependence Interest rate Internal economies of scale Interventionist policy Investment Invisible hand

J

K

Kinked demand curve

L

Labour force Law of demand Law of supply Leakages Limit pricing Line of equality Long run aggregate supply Long run average cost Lorenz curve

N

National income Natural monopoly Negative externality Net exports Net Investment Returns Contribution Nominal national income Non material standard of living Non price competition Non-excludability Non-price determinant Non-rivalry Normal good Normal profit

O

Oligopoly Opportunity cost Output gap

Q

Quasi-public good Quota

R

Rational decision making Rationing function Real GDP per capita Real national income Real national output Regulation Resource allocation Revenue maximisation

T

Tariff Tax incidence Taxation Total revenue Total surplus Trade balance Trade dependence Trade off Trade-weighted exchange rate Tradeable permits Transfer payments Transmission mechanism

U

Unemployment Unemployment rate Utility maximisation

W

Willingness to pay Workfare Income Supplement

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