Basic Economics Ideas (36)
- barter
- ceteris paribus
- characteristics of money
- demand deposit account
- demerit goods
- deposit account
- division of labour
- double coincidence of wants
- factors of production
- free goods
- free-rider problem
- functions of money
- human capital
- liquidity (economics)
- loan (economics)
- long run
- merit goods
- mixed economy
- money (economics)
- normative statement
- opportunity cost
- overdraft
- physical capital
- planned economy
- positive statement
- private goods
- production possibility curve
- public goods
- role of the entrepreneur
- savings account
- Scarcity
- securities (economics)
- short run
- specialization
- three basic questions
- very long run
Price System and Microeconomy (16)
- alternative demand
- consumer surplus
- cross elasticity of demand
- derived demand
- effective demand
- functions of price
- income elasticity of demand
- individual and market demand
- individual and market supply
- joint demand
- market disequilibrium
- market equilibrium
- price elasticity of demand
- price elasticity of supply
- producer surplus
- rationing
Elasticities (PED, YED, XED, PES) (4)
Consumer Theory (14)
- budget line
- causes of a shift in the budget line
- derivation of an individual demand curve
- diminishing marginal utility
- equi-marginal principle
- Giffen goods
- income effect
- indifference curve
- limitations of marginal utility theory
- limitations of the model of indifference curves
- marginal utility
- price effects (indifference curve analysis)
- substitution effect
- total utility
Firm Theory (84)
- average cost
- average fixed costs
- average product
- average revenue
- average total cost
- average variable costs
- barriers to entry
- barriers to exit
- break-even price
- cartels
- collusion
- collusive oligopoly
- concentration ratio
- conditions for an effective cartel
- conditions for effective price discrimination
- conglomerate integration
- consequences of a cartel
- consequences of integration
- consequences of price discrimination
- contestable markets
- derivation of firm supply curve
- diseconomies of scale
- diversification (firm growth)
- economies of scale
- external economies of scale
- external growth of firms
- firm survival objective
- first-degree price discrimination
- fixed costs
- game theory
- horizontal integration
- integration
- internal economies of scale
- internal growth of firms
- kinked demand curve
- kinked demand curve and revenue
- law of diminishing returns
- limit pricing
- long-run average cost curve
- long-run equilibrium under perfect competition
- marginal cost
- marginal product
- marginal revenue
- mergers and takeovers
- minimum efficient scale
- monopolistic competition
- monopoly
- natural monopoly
- non-collusive oligopoly
- non-price competition
- normal profit
- oligopoly
- organic growth
- PED and firm revenue (normal demand)
- perfect competition
- predatory pricing
- price competition
- price discrimination
- price leadership
- principal-agent problem
- Prisoner's dilemma
- profit maximisation
- profit maximisation under monopoly
- profit satisficing
- reasons for different sizes of firms
- reasons for integration
- returns to scale
- revenue curves
- revenue maximisation
- sales maximisation
- second-degree price discrimination
- short-run equilibrium under perfect competition
- shutdown price
- subnormal profit
- supernormal profit
- third-degree price discrimination
- total cost
- total fixed costs
- total product
- total revenue
- total variable costs
- variable costs
- vertical integration
- X-inefficiency
Market Structures (37)
- barriers to entry
- barriers to exit
- cartels
- collusion
- collusive oligopoly
- concentration ratio
- conditions for an effective cartel
- conditions for effective price discrimination
- consequences of a cartel
- consequences of price discrimination
- contestable markets
- derivation of firm supply curve
- first-degree price discrimination
- game theory
- kinked demand curve
- kinked demand curve and revenue
- limit pricing
- long-run equilibrium under perfect competition
- monopolistic competition
- monopoly
- natural monopoly
- non-collusive oligopoly
- non-price competition
- oligopoly
- perfect competition
- predatory pricing
- price competition
- price discrimination
- price leadership
- principal-agent problem
- Prisoner's dilemma
- profit maximisation under monopoly
- reasons for different sizes of firms
- second-degree price discrimination
- short-run equilibrium under perfect competition
- third-degree price discrimination
- X-inefficiency
Labour Market, Wage Determination (17)
- demand for labour
- economic rent
- equilibrium wage rate
- factors affecting demand for labour
- factors affecting supply of labour
- marginal revenue product (MRP)
- monopsony
- movement along demand curve for labour
- movement along supply curve of labour
- national minimum wage
- shifts in demand curve for labour
- shifts in supply curve of labour
- trade unions
- transfer earnings
- universal basic income
- wage determination in perfect markets
- wage differentials
Economic Efficiency, Market Failure (24)
- allocative efficiency
- asymmetric information
- deadweight welfare losses
- demerit goods
- dynamic efficiency
- economic efficiency
- efficiency
- externalities
- free-rider problem
- market failure
- merit goods
- moral hazard
- negative externality
- Pareto optimality
- positive externality
- principal-agent problem
- private benefits
- private costs
- productive efficiency
- public goods
- reasons for market failure
- social benefits
- social costs
- X-inefficiency
Micro Intervention (48)
- absolute poverty
- ad valorem tax
- average rate of tax
- buffer stock
- capital taxes
- causes of government failure
- consequences of government failure
- deregulation
- direct taxes
- equality
- equity
- equity-efficiency trade-off
- Gini coefficient
- government failure
- government licensing
- government prohibition
- incidence of specific indirect taxes
- incidence of subsidies
- income vs wealth
- indirect taxes
- inheritance taxes
- Lorenz curve
- marginal rate of tax
- maximum prices
- means-tested benefit
- minimum prices
- minimum wage
- national minimum wage
- nationalisation
- negative income tax
- nudge theory
- pollution permit
- poverty trap
- privatisation
- production quota
- progressive income taxes
- progressive tax system
- property rights
- proportional tax system
- provision of information
- redistribution of income and wealth
- regressive tax system
- regulation
- relative poverty
- specific tax
- transfer payments
- universal basic income
- universal benefit
Macroeconomy (106)
- accelerator effect
- actual growth
- AD/AS analysis of exchange rate changes
- adjustment of national income measures from market prices to basic prices
- aggregate demand
- aggregate supply
- AS curve
- automatic stabilisers
- autonomous consumption
- autonomous investment
- autonomous savings
- average propensity to consume (apc)
- average propensity to import (apm)
- average propensity to save (aps)
- average rate of tax
- bank credit multiplier
- business cycle
- capital ratio
- causes of economic growth
- causes of inflation
- characteristics of money
- circular flow of income
- closed economy multiplier
- commercial banks
- consequences of economic growth
- consequences of inflation
- consequences of unemployment
- consumption function
- contractionary fiscal policy
- cost-push inflation
- credit creation
- cyclical unemployment
- deflation
- deflationary gap
- demand deposit account
- demand-pull inflation
- deposit account
- determinants of AD
- determinants of AS
- direct taxes
- disequilibrium unemployment
- disinflation
- economic growth
- equilibrium level of national income
- equilibrium level of national income (A2)
- equilibrium unemployment
- exports (economics)
- frictional unemployment
- full employment
- full employment level of national income
- functions of money
- geographical mobility of labour
- Gross Domestic Product
- Gross National Income
- hysteresis
- imports (economics)
- income approach (to national income)
- induced consumption
- induced investment
- induced savings
- inflation
- inflationary gap
- interest rate determination
- internal value of money
- investment function
- involuntary unemployment
- Keynesian theory of interest rate
- labour mobility
- leakages
- liquidity (economics)
- liquidity preference theory
- loan (economics)
- loanable funds theory
- marginal propensity to consume (mpc)
- marginal propensity to import (mpm)
- marginal propensity to save (mps)
- marginal rate of tax
- measures of unemployment
- money (economics)
- multiplier (economics)
- national income determination
- national output
- natural rate of unemployment
- negative output gap
- net exports
- nominal GDP
- nominal value
- occupational mobility of labour
- open economy multiplier
- output gap
- overdraft
- positive output gap
- potential growth
- quantity theory of money
- real GDP
- real per capita national income
- real value
- reserve ratio
- savings account
- savings function
- securities (economics)
- shape of the AD curve
- structural unemployment
- unemployment
- velocity of circulation
- voluntary unemployment
Macro Intervention (58)
- ad valorem tax
- average rate of tax
- causes of government failure
- central bank
- conflicts arising from the outcome of macroeconomic policies
- Contractionary Monetary Policy
- credit creation
- credit regulations
- deficit financing
- devaluation
- economic growth policies
- effect of fiscal policy on the current account
- effect of monetary policy on the current account
- effect of protectionist policies on the current account
- effect of supply-side policies on the current account
- exchange rate policy
- expansionary fiscal policy
- expansionary monetary policy
- expenditure-reducing policy
- expenditure-switching policy
- external value of money
- fiscal policy
- government budget
- government budget deficit
- government budget surplus
- government failure
- government failure in macroeconomic policies
- government policy objective of stability of the current account
- government spending
- indirect taxes
- interest rates
- internal value of money
- international trade policy
- interventionist supply-side policies
- Laffer curve
- macroeconomic objectives
- managed exchange rate
- marginal rate of tax
- market-based supply-side policies
- monetary policy
- money supply
- national debt
- Phillips curve
- policies to reduce inflation
- policies to reduce unemployment
- progressive tax system
- proportional tax system
- protectionist policy
- quantitative easing
- redistribution of income and wealth
- regressive tax system
- relationship between growth and inflation
- relationship between growth and the balance of payments
- relationship between the balance of payments and inflation
- relationship between the internal value of money and the external value of money
- revaluation
- specific tax
- supply-side policy
International Trade (82)
- absolute advantage
- AD/AS analysis of exchange rate changes
- average propensity to import (apm)
- balance of payments
- balance of trade in goods
- balance of trade in goods and services
- balance of trade in services
- capital account
- causes of current account imbalances
- causes of external debt
- causes of globalisation
- comparative advantage
- consequences of current account imbalances
- consequences of external debt
- consequences of FDI
- consequences of globalisation
- consequences of MNCs
- currency appreciation
- currency depreciation
- current account
- current account deficit
- current account surplus
- customs union
- depreciation (economics)
- determination of a floating exchange rate
- devaluation
- economic union
- effect of fiscal policy on the current account
- effect of monetary policy on the current account
- effect of protectionist policies on the current account
- effect of supply-side policies on the current account
- effective exchange rate
- effects of international aid
- embargo
- excessive administrative burden
- exchange rate
- exchange rate determination
- exchange rate policy
- expenditure-reducing policy
- expenditure-switching policy
- export subsidy
- exports (economics)
- external debt
- external value of money
- factors causing exchange rate changes
- financial account
- fixed exchange rate
- floating exchange rate
- foreign direct investment (FDI)
- forms of international aid
- government policy objective of stability of the current account
- import quota
- importance of international aid
- imports (economics)
- international aid
- International Monetary Fund (IMF)
- international trade
- international trade policy
- J curve
- managed exchange rate
- Marshall-Lerner condition
- monetary union
- multinational company (MNC)
- net exports
- nominal exchange rate
- pattern of international trade
- primary income
- protectionism
- protectionist policy
- purchasing power parity
- real exchange rate
- revaluation
- secondary income
- tariff
- terms of trade
- trade creation
- trade diversion
- trade in goods
- trade in services
- trade possibility curve
- trade-weighted exchange rate
- World Bank
Economic Development (38)
- birth rate
- causes of external debt
- causes of globalisation
- consequences of external debt
- consequences of FDI
- consequences of globalisation
- consequences of MNCs
- death rate
- economic development
- economic structure
- effects of international aid
- external debt
- foreign direct investment (FDI)
- forms of international aid
- free trade area
- Human Development Index
- importance of international aid
- inclusive economic growth
- international aid
- International Monetary Fund (IMF)
- Kuznets curve
- Lorenz curve
- Measure of Economic Welfare
- monetary indicators
- Multidimensional Poverty Index
- multinational company (MNC)
- non-monetary indicators
- optimum population
- population growth
- primary sector
- purchasing power parity
- real per capita national income
- secondary sector
- sustainability (economics)
- sustainable economic growth
- tertiary sector
- urbanisation
- World Bank