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The notes include explanations of concepts such as absolute advantage, aggregate demand and supply, allocative efficiency, anchoring bias, adverse selection, asymmetric information, autarky, appreciation, behavioral economics, and bounded rationality. 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(This is a work in progress)  \nA  \nabsolute advantage- The ability of a party to produce a good or service more efficiently than its  \ncompetitors.  \nAccelerator Theory- theory that the level of planned investment is related to past D Y. (I=f(D Y) )  \nAdam Smith- A towering figure in the history of economic thought. Known primarily for a single  \nwork—An Inquiry into the Nature and Causes of the Wealth of Nations (1776), the first comprehensive system of political economy. He is known as the ’father’ of economics.  \nAdaptive Expectations- where decisions are based upon past information.  \nadministrative barriers- They are trade barriers as bureaucratic procedures ( red tape ) that a  \ntrading firm has to get through when shipping the product from one country to the other   They are not an iceberg type, for they are not proportional to the value of the product. Nor are they per unit costs.  \nadverse selection- Also called antiselection, term used to describe a market process in which buyers  \nor sellers of a product or service are able to use their private knowledge of the risk factors involved in the transaction to maximize their outcomes, at the expense of the other parties to the transaction. Adverse selection is most likely to occur in transactions in which there is an asymmetry of information—where one party has more or better information than the other party. Although information asymmetry tends to favour the buyer in markets such as the insurance industry (does not declare existing health issues), the seller usually has better information  \nthan the buyer in markets such as used cars, stocks, and real estate.  \naggregate demand- In macroeconomics, aggregate demand or domestic final demand is the total  \ndemand for final goods and services in an economy at a given time.  \naggregate supply- The total supply of goods and services available to a particular market from  \nproducers.  \nallocative efficiency- A property of an efficient market whereby all goods and services are  \noptimally distributed among buyers in an economy. It occurs when parties are able to use the accurate and readily available data reflected in the market to make decisions about how to utilize their resources.  \nanchoring bias- occurs when people rely too much on pre-existing information or the first  \ninformation they find when making decisions. We are given the value of something and then use this as a reference point to influence future choices or decisions.  \nappreciation- Currency appreciation refers to the increase in value of one currency relative to  \nanother in the forex markets   It is always measured relative to the currency  \nbeing measured against it. Countries use currency appreciation as a strategic tool  \nto boost their economic prospects.  \nasymmetric information- This is a situation where there is imperfect knowledge. In particular, it  \noccurs where one party has different information to another   Asymmetric information can lead to adverse selection, incomplete marketsand is a type of market failure. There are two main types of asymmetric information: adverse selection and moral hazard.  \nautarky- An economically independent and self-sufficient country.  \navailability bias- happens when we overestimating the likelihood of something  \nhappening because a similar event has either happened recently or because we feel very emotional about a previous similar event.  \naverage product (AP) - The output that is produced, on average, by each unit of the variable  \nfactors. AP = TP/V, where TP is the total output produced and V is the number of units of the variable factor employed.  \nB  \n‘bad drives out good’ - Worthless things will drive valuable things out of circulation. (This  \nprinciple is also known as Gresham’s Law) . Bad carpenters overcharging will create a bad impression of excellent carpenters and thus force them out of","cbCaiqEdIINpn8DW","https://ap.wps.com/l/cbCaiqEdIINpn8DW","pdf",2042065,51,"English","[{\"question\":\"What does the document contain?\",\"answer\":\"It is a vocabulary list of IB Economics terms with brief definitions intended for studying for SL and HL.\"},{\"question\":\"How are the terms organized?\",\"answer\":\"The entries are grouped alphabetically by starting letter, with each term followed by a short explanation.\"},{\"question\":\"What does the SL \\u0026 HL notation mean here?\",\"answer\":\"The vocabulary list is meant to cover terms relevant to both IB Economics Standard Level (SL) and Higher Level (HL).\"}]","IB Economics Vocabulary List - pb | PDF",1790582617,129]