Complete Economics dictionary

Sep 28, 2026

Uploaded by Putri

Complete Economics dictionary provides concise, exam-ready definitions of key economic terms spanning microeconomics, macroeconomics, finance, and international trade. Entries explain concepts such as aggregate demand and supply, balance of payments and trade, absolute advantage and poverty, and firm- and market-structure ideas like monopoly profits, barriers to entry, cartels, and bargaining. It also covers labor and public finance topics including wages, budget deficits and surpluses, plus financial instruments like bonds and market speculators.

LanguageEnglish

CategoryLiterature

FormatPDF

Pages13

Reading Time20 min

AccessFree to download

Complete Economics dictionary A ABNORMAL PROFIT The surplus of revenue over costs enjoyed by a monopoly that is in excess of profit the same firm could expect to earn if it faced competition for its market. ABSOLUTE ADVANTAGE The ability of a country or region to produce a good or service at a lower average cost per unit than any other country or region is able to. ABSOLUTE POVERTY An economic condition of lacking both money and basic necessities needed to successfully live, such as food, water, education, health care and shelter. ADULT LITERACY RATE A measure of the number of people of working age as a proportion of the total population in a country who are able to read and write. AGGREGATE DEMAND The total demand for goods and services in an economy. It is determined by consumer spending, investment, public expenditure and spending by overseas residents on exports. AGGREGATE SUPPLY The total output or supply of all goods and services in an economy that all producers are willing and able to supply. ANCILLARY FIRMS Firms which provide goods and business services for other firms; they are often located near to their main business customers. APPRECIATION (in the value of a currency) A rise in the rate at which a national currency can be exchanged for another currency or currencies, i.e. arise in the market price of one currency in terms of other currencies. ARTIFICIAL BARRIERS TO ENTRY Obstacles created by a powerful monopoly or oligopoly purposefully to restrict competition from new firms entering the markets they dominate. AVERAGE COST The cost per unit of output, calculated by dividing the total cost of a given level of output by that total volume of output. AVERAGE REVENUE The revenue per unit of output sold, found by dividing the total revenue from the sale of a given output by that volume of output. AVERAGE TAX RATE The total amount of personal or corporate income tax a person or firm pays from their total annual income as a proportion of their total annual income. B BALANCE OF PAYMENTS An accounting record of all monetary transactions between a country and therest of the world. BALANCE OF PAYMENTS ON CURRENT ACCOUNT This section of the balance of payments of a country is used to record and monitor how well or how badly it is performing in international trade in goods and services, and other flows of incomes and transfers with other countries. BALANCE OF TRADE The difference between the value of visible exports from a country and the value of visible imports to that country, usually measures per month and annually. BARTER The exchange of goods and services without using money. BASIC WAGE A guaranteed level of earnings for an employee, excluding any overtime or performancerelated pay. BEAR A stock market speculator who will buys shares in the hope they will quickly fall in value so they can buy them back at a lower price. A bear market refers to a situation in which the average prices of shareson the stock market is falling. BIRTH RATE A measure of the number of babies born per period per 1,000 people in a population. BOND A debt investment with a fixed time period and rate of interest issued by a government or company to sell to investors in order to raise money. BRAND LOYALTY The extent of the faithfulness of consumers to the product or products of a particular firm, expressed through their repeat purchases and irrespective of changes in the prices and promotions of competing products from rival firms. BREAK-EVEN LEVEL OF OUTPUT That volume of output which, if completely sold, would raise a total revenue exactly equal to the total cost of its production. BROKER A share dealer, able to buy and sell shares on a stock exchange. BUDGET The budget of a government is a forecast or plan of its intended tax revenues and expenditures ina financial year. BUDGET DEFICIT This financial situation occurs if a government plans to spend more than it forecasts © Brian Titley 2012:

FAQs

What does the dictionary define under macroeconomics topics like demand and supply?

It defines concepts such as aggregate demand as total demand in an economy and aggregate supply as total output producers are willing and able to supply.

How are international economic accounts handled in the dictionary?

It explains balance of payments as an accounting record of monetary transactions between a country and the rest of the world, including current account details and balance of trade.

Which finance and public finance concepts are included?

It covers definitions such as bonds as debt investments, and government budget terms including budget deficits and budget surpluses.

Sep 28, 2026

Uploaded by Putri