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Key terms and concepts

A

0

Abatement policy

Micro (Year 1) Key Terms, Key terms and concepts

8

Abenomics

Macro (Year 2) Key Terms, Key terms and concepts

0

Ability to Pay

Key terms and concepts

2

Absolute Advantage

Key terms and concepts

6

Ad valorem tax

Key terms and concepts

1

Additive manufacturing

Key terms and concepts

0

Adjusted Net Saving

Macro (Year 2) Key Terms, Key terms and concepts

1

Advanced economies

Key terms and concepts

9

Adverse selection

Key terms and concepts

0

Advertising

Micro (Year 1) Key Terms, Key terms and concepts, Micro (Year 2) Key Terms

8

Ageing population

Key terms and concepts

1

Agency problem

Key terms and concepts

8

Agglomeration

Key terms and concepts

47

Aggregate supply

Macro (Year 1) Key Terms, Key terms and concepts

14

Agriculture

Key terms and concepts

4

Aid dependency

Key terms and concepts

19

Aid Effectiveness

Key terms and concepts

0

Air Passenger Duty

Micro (Year 1) Key Terms, Key terms and concepts

0

Alienation

Micro (Year 1) Key Terms, Labour Markets Key Terms, Key terms and concepts

24

Allocative efficiency

Key terms and concepts

0

Alternative theories of the firm

Key terms and concepts

1

Ancillary Revenue

Key terms and concepts

9

Animal spirits

Macro (Year 1) Key Terms, Key terms and concepts

16

Anti-Competitive Behaviour

Key terms and concepts

2

Anti-dumping tariff

Key terms and concepts

0

Apprenticeship Levy

Macro (Year 1) Key Terms, Labour Markets Key Terms, Key terms and concepts

3

Apprenticeships

Key terms and concepts

3

Artificial intelligence

Key terms and concepts

0

Asian Development Bank (ADB)

Key terms and concepts

6

Asian Infrastructure Investment Bank (AIIB)

Key terms and concepts

1

Asset price bubble

Key terms and concepts

0

Assisted areas

Key terms and concepts

5

Association of Southeast Asian Nations (Asean)

Key terms and concepts

0

Assumptions

Micro (Year 1) Key Terms, Key terms and concepts

0

Asymmetric shock

Key terms and concepts

2

Auctions

Key terms and concepts

16

Austerity

Macro (Year 1) Key Terms, Key terms and concepts

1

Austrian economies

Key terms and concepts

1

Automatic stabilisers

Key terms and concepts

19

Automation

Micro (Year 1) Key Terms, Labour Markets Key Terms, Key terms and concepts

7

Availability Heuristic

Key terms and concepts

8

Average cost

Key terms and concepts

1

Average Fixed Cost

Key terms and concepts

B

10

Backward vertical integration

Key terms and concepts, Micro (Year 2) Key Terms

0

Bail-out

Macro (Year 2) Key Terms, Financial Markets Key Terms, Key terms and concepts

29

Balance of payments

Key terms and concepts

12

Balanced growth

Key terms and concepts

0

Balassa-Samuelson effect

Macro (Year 2) Key Terms, Key terms and concepts

1

Baltic Dry Index

Key terms and concepts

4

Bank lending

Key terms and concepts

29

Bank of England

Key terms and concepts

4

Bank Run

Financial Markets Key Terms, Key terms and concepts

23

Banking

Key terms and concepts

28

Barriers to Entry

Key terms and concepts

9

Barriers to exit

Key terms and concepts

3

Barter

Micro (Year 1) Key Terms, Financial Markets Key Terms, Key terms and concepts

0

Base Year

Key terms and concepts

3

Beggar my Neighbour

Macro (Year 2) Key Terms, Key terms and concepts

0

Behavioural norm

Key terms and concepts

0

Benefit Cap

Macro (Year 2) Key Terms, Key terms and concepts

0

Benefits in kind

Key terms and concepts

0

Beveridge curve

Key terms and concepts

0

Bi-lateral monopoly

Key terms and concepts

4

Big Mac Index

Macro (Year 2) Key Terms, Key terms and concepts

10

Bilateral trade agreement

Macro (Year 2) Key Terms, Key terms and concepts

2

Black market

Key terms and concepts

4

Bond

Key terms and concepts

9

Bond Yield

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Financial Markets Key Terms, Key terms and concepts

5

Brain Drain

Key terms and concepts

1

Brand

Key terms and concepts

0

Break-even price

Key terms and concepts

0

Bretton Woods system

Key terms and concepts

83

Bric economies

Key terms and concepts

12

Budget deficit

Key terms and concepts

4

Budget Line

Key terms and concepts

0

Budget surplus

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

6

Buffer stocks

Key terms and concepts

1

Business confidence

Key terms and concepts

2

Business finance

Key terms and concepts

78

Business growth

Key terms and concepts

76

Business objectives

Key terms and concepts

C

3

Capacity

Key terms and concepts

2

Capacity utilisation

Key terms and concepts

7

Capital Account

Key terms and concepts

2

Capital controls

Key terms and concepts

6

Capital deepening

Key terms and concepts

12

Capital Flight

Key terms and concepts

4

Capital flows

Key terms and concepts

10

Capital goods

Key terms and concepts

7

Capital labour substitution

Key terms and concepts

3

Capital output ratio

Key terms and concepts

10

Capital stock

Key terms and concepts

15

Capitalism

Micro (Year 1) Key Terms, Key terms and concepts

3

Carbon credits

Key terms and concepts

13

Carbon emissions

Key terms and concepts

6

Carbon Price Floor

Key terms and concepts

7

Carbon tax

Key terms and concepts

10

Carbon trading

Key terms and concepts

0

Caribbean Community and Common Market

Macro (Year 2) Key Terms, Key terms and concepts

0

Carry trade

Key terms and concepts

21

Cartel

Key terms and concepts

1

Cartels

Key terms and concepts

0

Ceteris Paribus

Key terms and concepts

1

Challenger Banks

Key terms and concepts

0

Challenger brands

Key terms and concepts, Businesses

0

Circular economy

Micro (Year 1) Key Terms, Key terms and concepts, Current Issues

6

Circular Flow of Income

Key terms and concepts

16

Cities

Key terms and concepts

2

Classical economics

Key terms and concepts

0

Clean float

Macro (Year 2) Key Terms, Key terms and concepts

0

Closed economy

Key terms and concepts

0

Cloud computing

Key terms and concepts

0

Club Goods

Micro (Year 1) Key Terms, Key terms and concepts

1

Co-operation

Key terms and concepts

4

Co-operative

Key terms and concepts, Businesses, Micro (Year 2) Key Terms

0

Coase Theorem

Key terms and concepts

4

Collective bargaining

Labour Markets Key Terms, Key terms and concepts, Micro (Year 2) Key Terms

30

Collusion

Key terms and concepts

3

Command economy

Micro (Year 1) Key Terms, Key terms and concepts

3

Commodities

Key terms and concepts

22

Commodity prices

Key terms and concepts

1

Common Agricultural Policy (CAP)

Key terms and concepts

1

Common external tariff

Key terms and concepts

0

Common Market

Key terms and concepts

1

Common Pool Resources

Key terms and concepts

2

Community surplus

Key terms and concepts

24

Comparative advantage

Key terms and concepts

24

Competition

Key terms and concepts

34

Competition and Markets Authority (CMA)

Key terms and concepts

36

Competition Policy

Key terms and concepts

10

Competitive devaluation

Key terms and concepts

0

Competitive Market

Key terms and concepts

3

Competitive Supply

Micro (Year 1) Key Terms, Key terms and concepts

0

Competitive tendering

Key terms and concepts, Micro (Year 2) Key Terms

53

Competitiveness

Key terms and concepts

0

Complement Goods

Micro (Year 1) Key Terms, Key terms and concepts

5

Complex monopoly

Key terms and concepts

6

Complexity

Key terms and concepts

5

Composite demand

Key terms and concepts

14

Concentration ratio

Key terms and concepts, Micro (Year 2) Key Terms

0

Conditional cash transfer

Key terms and concepts

6

Confirmation Bias

Behavioural Economics Key Terms, Key terms and concepts

0

Conflicting Objectives

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

2

Congestion charging

Key terms and concepts

5

Conglomerate

Key terms and concepts

1

Conglomerates

Key terms and concepts

0

Consolidation

Key terms and concepts

1

Conspicuous consumption

Key terms and concepts

2

Constraints

Micro (Year 1) Key Terms, Key terms and concepts

2

Consumer confidence

Key terms and concepts

0

Consumer credit

Macro (Year 1) Key Terms, Key terms and concepts

1

Consumer durables

Key terms and concepts

0

Consumer exploitation

Micro (Year 1) Key Terms, Key terms and concepts

1

Consumer goods

Key terms and concepts

15

Consumer price index (CPI)

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

2

Consumer sovereignty

Key terms and concepts

4

Consumer Spending

Macro (Year 1) Key Terms, Key terms and concepts

13

Consumer surplus

Key terms and concepts

0

Consumer welfare

Micro (Year 1) Key Terms, Key terms and concepts

1

Consumption

Key terms and concepts

2

Contagion

Key terms and concepts

0

Containerisation

Macro (Year 2) Key Terms, Key terms and concepts

69

Contestable Markets

Key terms and concepts

1

Convergence

Key terms and concepts

0

Core business

Key terms and concepts

0

Corporate governance

Key terms and concepts

1

​Corporate social responsibility

Key terms and concepts

9

Corporation tax

Key terms and concepts

12

Corruption

Key terms and concepts

15

Cost-benefit analysis

Key terms and concepts

4

Cost-plus pricing

Key terms and concepts

10

Cost-push inflation

Key terms and concepts

4

Costs

Key terms and concepts

0

CPIH Inflation

Key terms and concepts

64

Creative Destruction

Key terms and concepts

2

Credible threats

Key terms and concepts

3

Credit creation

Key terms and concepts

3

Credit crunch

Key terms and concepts

2

Credit union

Key terms and concepts

0

Creditor nations

Key terms and concepts

0

Creeping Inflation

Key terms and concepts

11

Creeping Protectionism

Key terms and concepts

15

Cross-price elasticity of demand

Key terms and concepts

3

Cross-subsidy

Key terms and concepts

0

Crowding in

Key terms and concepts

1

Crowding out

Key terms and concepts

0

Currency Board

Key terms and concepts

0

Currency controls

Macro (Year 2) Key Terms, Key terms and concepts

0

Currency crisis

Macro (Year 2) Key Terms, Key terms and concepts

9

Currency market

Key terms and concepts

0

Currency reserves

Macro (Year 2) Key Terms, Key terms and concepts

6

Currency union

Key terms and concepts

11

Currency war

Key terms and concepts

28

Current Account (BoP)

Macro (Year 1) Key Terms, Key terms and concepts

11

Customs Union

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

0

Cyclical fiscal deficit

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

14

Cyclical unemployment

Key terms and concepts

D

0

De-layering

Key terms and concepts

1

De-Mergers

Key terms and concepts

1

De-monetisation

Key terms and concepts

0

​De-monetisation

Financial Markets Key Terms, Key terms and concepts

1

Deadweight loss

Key terms and concepts

14

Debt relief

Key terms and concepts

0

Deficit

Macro (Year 1) Key Terms, Key terms and concepts

36

Deflation

Macro (Year 1) Key Terms, Key terms and concepts

35

Demand

Key terms and concepts

21

Demand for labour

Key terms and concepts

3

Demand Management

Key terms and concepts

4

Demand Shocks

Key terms and concepts

3

Demerger

Key terms and concepts

11

Demerit goods

Key terms and concepts

6

Demography

Key terms and concepts

11

Depreciation

Key terms and concepts

8

Depression

Macro (Year 1) Key Terms, Key terms and concepts

3

Deprivation

Macro (Year 2) Key Terms, Micro (Year 1) Key Terms, Key terms and concepts

11

Deregulation

Key terms and concepts, Micro (Year 2) Key Terms

0

Derivatives

Macro (Year 2) Key Terms, Financial Markets Key Terms, Key terms and concepts

3

Developing countries

Key terms and concepts

7

Development banks

Key terms and concepts

37

Development goals

Key terms and concepts

1

Development Traps

Key terms and concepts

11

Digital Economy

Key terms and concepts

0

Diminishing marginal utility

Key terms and concepts

3

Diminishing Returns

Key terms and concepts

6

Direct Taxes

Key terms and concepts

0

Dis-synergies

Key terms and concepts

0

Discretionary fiscal policy

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

15

Diseconomies of Scale

Key terms and concepts

2

Disinflation

Key terms and concepts

12

Disposable income

Macro (Year 1) Key Terms, Key terms and concepts

0

Diversification

Key terms and concepts

7

Division of labour

Micro (Year 1) Key Terms, Key terms and concepts

1

Dominant Firm

Key terms and concepts

0

Dominant market position

Key terms and concepts

0

Dominant strategy

Key terms and concepts

2

Doughnut Economics

Key terms and concepts

10

Dumping

Key terms and concepts

7

Duopoly

Key terms and concepts

6

Dutch Disease

Key terms and concepts

40

Dynamic efficiency

Key terms and concepts

0

Dynamic gains from trade

Macro (Year 2) Key Terms, Key terms and concepts

5

Dynamic Pricing

Key terms and concepts

E

0

East African Community (EAC)

Macro (Year 2) Key Terms, Key terms and concepts

2

Easterlin paradox

Key terms and concepts

0

Eco-tourism

Macro (Year 2) Key Terms, Key terms and concepts

1

Econometrics

Key terms and concepts

29

Economic cycle

Macro (Year 1) Key Terms, Key terms and concepts

158

Economic development

Key terms and concepts

42

Economic Efficiency

Key terms and concepts

1

Economic freedom index

Key terms and concepts

121

Economic Growth

Key terms and concepts

6

Economic History

Key terms and concepts

1

Economic models

Key terms and concepts

2

Economic nationalism

Key terms and concepts

0

Economic Problem

Micro (Year 1) Key Terms, Key terms and concepts

0

Economic regulation

Key terms and concepts

1

Economic stability

Key terms and concepts

0

Economic structure

Macro (Year 2) Key Terms, Key terms and concepts

4

Economic Thought

Key terms and concepts

0

Economic transformation

Macro (Year 2) Key Terms, Key terms and concepts

22

Economic welfare

Key terms and concepts

0

Economically active

Macro (Year 1) Key Terms, Key terms and concepts

0

Economically active population

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Labour Markets Key Terms, Key terms and concepts

1

Economically inactive

Key terms and concepts

4

Economics of leisure

Key terms and concepts

8

Economics of sport

Key terms and concepts

63

Economies of scale

Key terms and concepts

2

Economies of scope

Key terms and concepts

5

Education

Key terms and concepts

0

Effective demand

Micro (Year 1) Key Terms, Key terms and concepts

0

Effective marginal tax rate

Key terms and concepts

6

Efficiency wage

Key terms and concepts

22

Elasticity

Key terms and concepts

14

Elasticity of supply

Key terms and concepts

7

Emerging economies

Macro (Year 2) Key Terms, Key terms and concepts

4

Emerging markets

Key terms and concepts

8

Employment

Key terms and concepts

0

Employment rate

Macro (Year 1) Key Terms, Labour Markets Key Terms, Key terms and concepts

17

Energy economics

Key terms and concepts

1

Entrepreneurship

Key terms and concepts

13

Environmental economics

Key terms and concepts

5

Equality

Key terms and concepts

1

Equities

Key terms and concepts

49

Euro area

Key terms and concepts

12

European Central Bank (ECB)

Key terms and concepts

0

European Economic Area (EEA)

Macro (Year 2) Key Terms, Key terms and concepts

0

European Free Trade Area (EFTA)

Key terms and concepts

40

European single market

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

53

European Union

Macro (Year 2) Key Terms, Key terms and concepts

16

European Union enlargement

Key terms and concepts

0

Excess demand

Micro (Year 1) Key Terms, Key terms and concepts

0

Excess supply

Micro (Year 1) Key Terms, Key terms and concepts

51

Exchange Rate

Macro (Year 1) Key Terms, Key terms and concepts

0

Excise duties

Key terms and concepts

9

Executive pay

Key terms and concepts

2

Expectations

Key terms and concepts

0

Expected Utility Theory

Behavioural Economics Key Terms, Key terms and concepts

8

Export multiplier

Key terms and concepts

11

Exports

Key terms and concepts

13

External balance

Key terms and concepts

19

External Cost

Key terms and concepts

11

External debt

Macro (Year 2) Key Terms, Key terms and concepts

2

External diseconomies of scale

Key terms and concepts

11

External economies of scale

Key terms and concepts

10

External growth

Key terms and concepts

4

External imbalances

Key terms and concepts

7

External Shocks

Key terms and concepts

41

Externalities

Key terms and concepts

31

Extreme poverty

Macro (Year 2) Key Terms, Key terms and concepts

0

Extreme poverty line

Macro (Year 2) Key Terms, Key terms and concepts

3

Spare capacity

Key terms and concepts

F

1

Economic forecast

Key terms and concepts

0

Factor Mobility

Key terms and concepts

8

Fair trade

Key terms and concepts

0

Fertility rate

Key terms and concepts

0

Financial Account

Key terms and concepts

9

Financial Conduct Authority

Key terms and concepts

48

Financial economics

Key terms and concepts

1

Financial Inclusion

Key terms and concepts

0

Financial market failure

Macro (Year 2) Key Terms, Financial Markets Key Terms, Key terms and concepts

5

Financial policy committee

Key terms and concepts

1

Fine-Tuning

Key terms and concepts

1

Finite resources

Key terms and concepts

1

Firms

Key terms and concepts, Micro (Year 2) Key Terms

5

First-mover advantage

Micro (Year 1) Key Terms, Key terms and concepts

29

Fiscal austerity

Key terms and concepts

21

Fiscal deficit

Macro (Year 1) Key Terms, Key terms and concepts

1

Fiscal drag

Key terms and concepts

16

Fiscal Multiplier

Key terms and concepts

53

Fiscal Policy

Key terms and concepts

12

Fiscal stimulus

Key terms and concepts

0

Fisher Equation

Key terms and concepts

12

Fixed cost

Key terms and concepts

19

Fixed exchange rate

Key terms and concepts

2

Flat rate tax system

Key terms and concepts

5

Flexible working

Key terms and concepts

32

Floating exchange rate

Key terms and concepts

52

Foreign direct investment

Key terms and concepts

13

Foreign exchange

Key terms and concepts

1

Foreign savings

Key terms and concepts

0

Forex

Macro (Year 2) Key Terms, Financial Markets Key Terms, Key terms and concepts

4

Forward guidance

Key terms and concepts

10

Forward vertical integration

Key terms and concepts, Micro (Year 2) Key Terms

1

Fragile states

Key terms and concepts

4

Framing

Key terms and concepts

1

Franchise

Key terms and concepts

1

Free Goods

Key terms and concepts

17

Free Market Economy

Key terms and concepts

8

Free Rider Problem

Micro (Year 1) Key Terms, Key terms and concepts

32

Free trade

Key terms and concepts

11

Free Trade Area (FTA)

Key terms and concepts

0

Freemium

Key terms and concepts

10

Frictional unemployment

Key terms and concepts

0

FTSE 100 Index

Macro (Year 1) Key Terms, Key terms and concepts

15

Functions of money

Key terms and concepts

I

65

Economic Inequality

Key terms and concepts

11

Immobility of labour

Key terms and concepts

4

Import substitution

Key terms and concepts

34

Import tariff

Macro (Year 2) Key Terms, Key terms and concepts

0

Imports

Macro (Year 1) Key Terms, Key terms and concepts

2

Inactivity

Key terms and concepts

0

Incentive function

Micro (Year 1) Key Terms, Key terms and concepts

9

Inclusive Growth

Key terms and concepts

4

Income effect

Key terms and concepts

13

Income elasticity of demand

Key terms and concepts

0

Incumbent firms

Key terms and concepts

2

Index numbers

Key terms and concepts

9

Indifference Curves

Key terms and concepts

18

Indirect Tax

Key terms and concepts

3

Industrialisation

Key terms and concepts

18

Inequality-adjusted Human Development Index (HDI)

Key terms and concepts

1

Infant industry

Key terms and concepts

11

Inferior good

Key terms and concepts

44

Inflation

Key terms and concepts

11

Inflation expectations

Key terms and concepts

0

Influencers

Micro (Year 1) Key Terms, Behavioural Economics Key Terms, Key terms and concepts

1

Informal labour market

Key terms and concepts

0

Information Avoidance

Behavioural Economics Key Terms, Key terms and concepts

56

Information Failure

Key terms and concepts

30

Infrastructure

Key terms and concepts

58

Innovation

Key terms and concepts

0

Institutions

Macro (Year 2) Key Terms, Key terms and concepts

4

Insurance

Key terms and concepts

0

Intellectual Property (IP)

Key terms and concepts

0

Intention-Action Gap

Micro (Year 1) Key Terms, Behavioural Economics Key Terms, Key terms and concepts

0

Inter-generational equity

Macro (Year 2) Key Terms, Key terms and concepts

1

Inter-related markets

Key terms and concepts

1

Interdependence

Key terms and concepts, Micro (Year 2) Key Terms

37

Interest rates

Key terms and concepts

4

Internal devaluation

Key terms and concepts

11

Internal growth

Key terms and concepts

14

International economics

Key terms and concepts

31

International Monetary Fund (IMF)

Key terms and concepts

11

Intra-Industry Trade

Key terms and concepts

15

Intra-Regional Trade

Key terms and concepts

0

Invention

Key terms and concepts

0

Inventories

Key terms and concepts

28

Investment

Key terms and concepts

0

Investment appraisal

Key terms and concepts

2

Invisible Hand

Key terms and concepts

15

Inward migration

Key terms and concepts

4

Inward Oriented Development

Key terms and concepts

2

Irrational behaviour

Key terms and concepts

4

Irrational Exuberance

Key terms and concepts

M

20

Equilibrium

Key terms and concepts

44

Incentives

Micro (Year 1) Key Terms, Key terms and concepts

1

M-Pesa

Key terms and concepts, Businesses

0

Machine learning

Macro (Year 2) Key Terms, Micro (Year 1) Key Terms, Key terms and concepts

0

Macro-prudential regulation

Macro (Year 2) Key Terms, Financial Markets Key Terms, Key terms and concepts

13

Macroeconomic performance

Key terms and concepts

17

Macroeconomics

Key terms and concepts

2

Malnutrition

Macro (Year 2) Key Terms, Key terms and concepts

25

Managed floating currency

Key terms and concepts

3

Management

Key terms and concepts

0

Managerial objectives

Key terms and concepts

49

Manufacturing

Macro (Year 1) Key Terms, Key terms and concepts

0

Marginal analysis

Key terms and concepts

0

Marginal benefit

Key terms and concepts

12

Marginal cost

Key terms and concepts

12

Marginal profit

Key terms and concepts

1

Marginal propensity to consume

Key terms and concepts

1

Marginal propensity to save

Key terms and concepts

2

Marginal rate of tax

Key terms and concepts

12

Marginal revenue

Key terms and concepts

3

Marginal utility

Key terms and concepts

1

Market capitalisation

Key terms and concepts

6

Market Concentration

Key terms and concepts

3

Market Demand

Key terms and concepts

0

Market design

Key terms and concepts

0

Market disequilibrium

Micro (Year 1) Key Terms, Key terms and concepts

87

Market Failure

Key terms and concepts

0

Market forces

Micro (Year 1) Key Terms, Key terms and concepts

0

Market incentives

Micro (Year 1) Key Terms, Key terms and concepts

24

Market Power

Key terms and concepts

1

Market rigging

Key terms and concepts

0

Market share

Key terms and concepts

17

Market structure

Key terms and concepts

19

Market supply

Key terms and concepts

7

Marshall-Lerner Condition

Key terms and concepts

0

Marxist economics

Key terms and concepts

10

Maximum price

Key terms and concepts

0

Mean values

Key terms and concepts

0

MECOSUR

Key terms and concepts

0

Median earnings

Labour Markets Key Terms, Key terms and concepts, Micro (Year 2) Key Terms

2

Median values

Key terms and concepts

1

Mercantilism

Key terms and concepts

33

Merger

Key terms and concepts

18

Merit Goods

Key terms and concepts

0

Metcalfe’s Law

Key terms and concepts

0

Micro businesses

Key terms and concepts

8

Micro credit

Key terms and concepts

4

Microeconomics

Key terms and concepts

11

Middle-income trap

Key terms and concepts

0

Migrant

Macro (Year 2) Key Terms, Key terms and concepts

28

Migration

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Labour Markets Key Terms, Key terms and concepts

20

Minimum efficient scale

Key terms and concepts, Micro (Year 2) Key Terms

8

Minimum price

Key terms and concepts

20

Minimum Wage

Macro (Year 1) Key Terms, Micro (Year 1) Key Terms, Labour Markets Key Terms, Key terms and concepts

3

MINT economies

Key terms and concepts

2

Misery Index

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

1

Missing market

Key terms and concepts

2

Mixed economy

Key terms and concepts

1

Monetarism

Key terms and concepts

23

Monetary Policy Committee

Key terms and concepts

2

Monetary stimulus

Key terms and concepts

8

Monetary union

Key terms and concepts

27

Money

Financial Markets Key Terms, Key terms and concepts

0

Money illusion

Key terms and concepts

12

Monopolistic competition

Key terms and concepts

58

Monopoly

Key terms and concepts

25

Monopsony

Key terms and concepts

0

Monty Hall Problem

Behavioural Economics Key Terms, Key terms and concepts

1

Moore's Law

Key terms and concepts

1

Mortgage

Key terms and concepts

11

Multi-dimensional Poverty

Key terms and concepts

3

Multinational

Key terms and concepts

22

Multiplier Effect

Key terms and concepts

14

Speculative Bubble

Macro (Year 2) Key Terms, Financial Markets Key Terms, Key terms and concepts

G

0

G20

Key terms and concepts

43

Game Theory

Key terms and concepts

19

GDP per capita

Key terms and concepts

21

Gender inequality

Key terms and concepts

4

Gender pay gap

Labour Markets Key Terms, Key terms and concepts, Micro (Year 2) Key Terms

2

Genuine progress indicator

Macro (Year 1) Key Terms, Key terms and concepts

1

Giffen good

Key terms and concepts

3

Gig economy

Macro (Year 2) Key Terms, Micro (Year 1) Key Terms, Labour Markets Key Terms, Key terms and concepts, Current Issues

40

Global economy

Key terms and concepts

6

Global Hunger Index

Macro (Year 2) Key Terms, Key terms and concepts

0

Global public goods

Key terms and concepts

2

Global value chain

Macro (Year 2) Key Terms, Key terms and concepts

0

Global warming

Key terms and concepts

105

Globalisation

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

2

Governance

Key terms and concepts

23

Government debt

Key terms and concepts

38

Government Failure

Key terms and concepts

99

Government Intervention

Micro (Year 1) Key Terms, Key terms and concepts

12

Government spending

Key terms and concepts

3

Great depression

Key terms and concepts

0

Green Bonds

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

21

Green development

Macro (Year 2) Key Terms, Key terms and concepts

51

Gross domestic product (GDP)

Macro (Year 1) Key Terms, Key terms and concepts

13

Gross National Income

Key terms and concepts

7

Gross national product

Key terms and concepts

6

Gross saving rate

Key terms and concepts

H

2

Happiness

Key terms and concepts

6

Harrod-Domar Model

Key terms and concepts

18

Health Economics

Key terms and concepts

8

Health rationing

Key terms and concepts

3

Healthcare economics

Key terms and concepts

2

Heavily indebted poor countries (HIPC) initiative

Key terms and concepts

0

Heckscher-Ohlin theory

Key terms and concepts

1

Hedging

Key terms and concepts

3

Herfindhal index

Key terms and concepts

0

Hidden Unemployment

Macro (Year 1) Key Terms, Labour Markets Key Terms, Key terms and concepts

1

High frequency trading

Key terms and concepts

12

Higher education

Key terms and concepts

1

Hit-and-run competition

Key terms and concepts

0

Horizontal collusion

Key terms and concepts, Micro (Year 2) Key Terms

0

Horizontal equity

Key terms and concepts

35

Horizontal integration

Key terms and concepts, Micro (Year 2) Key Terms

3

Hot Money

Key terms and concepts

5

House prices

Key terms and concepts

5

Household Debt

Key terms and concepts

3

Household Income

Key terms and concepts

8

Household wealth

Key terms and concepts

27

Housing market

Key terms and concepts

29

Human capital

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Labour Markets Key Terms, Key terms and concepts

59

Human development

Key terms and concepts

68

Human Development Index (HDI)

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

10

Humanitarian aid

Key terms and concepts

3

Hurdle Model of Price Discrimination

Key terms and concepts

3

Hybrid Currency Systems

Key terms and concepts

3

Hyper-inflation

Key terms and concepts

1

Hyperbolic discounting

Micro (Year 1) Key Terms, Behavioural Economics Key Terms, Key terms and concepts

2

Hyperinflation

Key terms and concepts

9

Hysteresis

Key terms and concepts

N

7

NAFTA

Key terms and concepts

1

NAIRU

Key terms and concepts

14

Nash Equilibrium

Key terms and concepts

20

National debt

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Financial Markets Key Terms, Key terms and concepts

3

National savings

Key terms and concepts

0

National wealth

Macro (Year 2) Key Terms, Key terms and concepts

7

Nationalisation

Key terms and concepts

17

Natural capital

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

31

Natural monopoly

Key terms and concepts

2

Natural rate of unemployment

Key terms and concepts

20

Natural resource curse

Key terms and concepts

0

Needs and Wants

Micro (Year 1) Key Terms, Key terms and concepts

0

Negative equity

Key terms and concepts

57

Negative externalities

Key terms and concepts

20

Negative externality

Key terms and concepts

12

Negative interest rate

Key terms and concepts

2

Neo-classical economics

Key terms and concepts

2

Neoclassical economics

Key terms and concepts

0

Net financial wealth per head

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

6

Network effects

Key terms and concepts

1

Networks

Key terms and concepts

0

NGO

Key terms and concepts

7

Nobel Prize

Key terms and concepts

0

Nominal exchange rate

Macro (Year 2) Key Terms, Key terms and concepts

9

Nominal GDP

Macro (Year 1) Key Terms, Key terms and concepts

28

Non-price competition

Key terms and concepts

0

Non-Rival

Key terms and concepts

19

Non-tariff barriers

Macro (Year 2) Key Terms, Key terms and concepts

4

Normal goods

Key terms and concepts

15

Normal profit

Key terms and concepts

4

Normative statements

Key terms and concepts

0

Northern Ireland economy

Key terms and concepts

0

Norway Model

Macro (Year 2) Key Terms, Key terms and concepts

0

Not-for-profit organisation

Key terms and concepts

P

9

Palma Ratio

Macro (Year 2) Key Terms, Key terms and concepts

0

Paradox of Choice

Micro (Year 1) Key Terms, Behavioural Economics Key Terms, Key terms and concepts

7

Paradox of thrift

Key terms and concepts

2

Paradox of value

Key terms and concepts

0

Parallel exchange rate

Macro (Year 2) Key Terms, Key terms and concepts

8

Pareto efficiency

Key terms and concepts

0

Pareto improvement

Key terms and concepts

0

Part Time Employment

Macro (Year 1) Key Terms, Key terms and concepts

0

Partial market failure

Micro (Year 1) Key Terms, Key terms and concepts

2

Participation Rate

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Labour Markets Key Terms, Key terms and concepts

0

Passporting

Macro (Year 2) Key Terms, Financial Markets Key Terms, Key terms and concepts

4

Patents

Micro (Year 1) Key Terms, Key terms and concepts

0

Patterns of Trade

Macro (Year 2) Key Terms, Key terms and concepts

3

Pension Funds

Key terms and concepts

25

Perfect competition

Key terms and concepts

0

Persistent poverty

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

0

Perverse demand curve

Micro (Year 1) Key Terms, Key terms and concepts

18

Phillips Curve

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

0

Pigouvian Tax

Micro (Year 1) Key Terms, Key terms and concepts

1

Planned economy

Key terms and concepts

21

Pollution

Key terms and concepts

0

Portfolio Investment

Key terms and concepts

0

Positional goods

Key terms and concepts

0

​Positive consumption externalities

Micro (Year 1) Key Terms, Key terms and concepts

17

Positive externalities

Key terms and concepts

3

Positive statement

Key terms and concepts

4

Potential output

Key terms and concepts

22

Poverty

Key terms and concepts

83

Poverty and inequality

Key terms and concepts

2

PPP Exchange Rate

Macro (Year 2) Key Terms, Key terms and concepts

13

Prebisch-Singer Hypothesis

Macro (Year 2) Key Terms, Key terms and concepts

0

Precariat

Labour Markets Key Terms, Key terms and concepts

2

Precautionary saving

Key terms and concepts

3

Predatory pricing

Key terms and concepts

15

Preferences

Key terms and concepts

0

Premature Deindustrialization

Macro (Year 2) Key Terms, Key terms and concepts

5

Price capping

Key terms and concepts

0

Price ceiling

Key terms and concepts

40

Price Discrimination

Key terms and concepts

33

Price elasticity of demand

Key terms and concepts

10

Price elasticity of supply

Key terms and concepts

12

Price fixing

Key terms and concepts

17

Price gouging

Key terms and concepts

1

Price leadership

Key terms and concepts

31

Price mechanism

Key terms and concepts

10

Price regulation

Key terms and concepts

2

Price stability

Key terms and concepts

14

Price Volatility

Key terms and concepts

2

Price war

Key terms and concepts

1

Price wars

Key terms and concepts

14

Pricing Strategies

Key terms and concepts

2

Primary Income

Key terms and concepts

23

Primary product dependency

Key terms and concepts

20

Primary sector

Key terms and concepts

8

Priming

Key terms and concepts

0

Principal

Key terms and concepts

9

Principal Agent Problem

Financial Markets Key Terms, Key terms and concepts

7

Prisoners’ dilemma

Key terms and concepts

0

Private equity

Key terms and concepts, Micro (Year 2) Key Terms

6

Private Finance Initiative

Key terms and concepts

3

Private goods

Key terms and concepts

0

Private sector

Key terms and concepts

13

Privatisation

Key terms and concepts

9

Producer surplus

Key terms and concepts

0

Product bundling

Micro (Year 1) Key Terms, Key terms and concepts

5

Product differentiation

Micro (Year 1) Key Terms, Key terms and concepts

1

Production Function

Key terms and concepts

16

Production possibility frontier (PPF)

Key terms and concepts

27

Productive efficiency

Key terms and concepts

0

Productivity gap

Macro (Year 1) Key Terms, Key terms and concepts

32

Profit

Key terms and concepts

36

Profit maximisation

Key terms and concepts, Micro (Year 2) Key Terms

0

Profit Motive

Micro (Year 1) Key Terms, Key terms and concepts

6

Profitability

Key terms and concepts

8

Progressive tax

Key terms and concepts

1

Propensity to import

Key terms and concepts

1

Propensity to save

Key terms and concepts

0

Property Income

Macro (Year 1) Key Terms, Key terms and concepts

5

Property rights

Key terms and concepts

3

Proportional tax

Key terms and concepts

1

Prospect Theory

Behavioural Economics Key Terms, Key terms and concepts

26

Protectionism

Key terms and concepts

6

Public bad

Key terms and concepts

18

Public good

Key terms and concepts

10

Public sector

Key terms and concepts, Micro (Year 2) Key Terms

5

Purchasing Power Parity (PPP)

Key terms and concepts

0

Pure Monopoly

Key terms and concepts, Micro (Year 2) Key Terms

R

0

Randomized controlled trial

Key terms and concepts

33

Rational Choice

Micro (Year 1) Key Terms, Key terms and concepts

2

Rational expectations

Key terms and concepts

3

Rationing

Key terms and concepts

12

Real disposable income

Key terms and concepts

7

Real exchange rate

Macro (Year 2) Key Terms, Key terms and concepts

15

Real GDP

Key terms and concepts

0

Real terms

Macro (Year 1) Key Terms, Key terms and concepts

1

Real wage inflexibility

Key terms and concepts

28

Real wages

Macro (Year 1) Key Terms, Labour Markets Key Terms, Key terms and concepts

0

Rebalancing

Key terms and concepts

15

Recession

Macro (Year 1) Key Terms, Key terms and concepts

1

Recovery

Key terms and concepts

0

Redistribution

Key terms and concepts

28

Regional economics

Key terms and concepts

15

Regional Trade Blocs

Key terms and concepts

7

Regressive tax

Key terms and concepts

1

Regret Theory

Key terms and concepts

32

Regulation

Key terms and concepts

8

Regulatory capture

Key terms and concepts, Micro (Year 2) Key Terms

34

Relative poverty

Macro (Year 1) Key Terms, Micro (Year 1) Key Terms, Key terms and concepts

1

Relative prices

Key terms and concepts

20

Remittances

Macro (Year 2) Key Terms, Key terms and concepts

0

Renewable energy

Micro (Year 1) Key Terms, Key terms and concepts, Current Issues

19

Renewable resources

Key terms and concepts

5

Rent-seeking

Key terms and concepts

13

Research and development

Key terms and concepts

0

Reservation price

Micro (Year 1) Key Terms, Key terms and concepts

0

Reservation wage

Labour Markets Key Terms, Key terms and concepts

8

Reserve currency

Macro (Year 2) Key Terms, Key terms and concepts

0

Responsible capitalism

Key terms and concepts, Current Issues, Micro (Year 2) Key Terms

2

Retail Price Index

Key terms and concepts

18

Retailing

Key terms and concepts

1

Retrenchment

Key terms and concepts

1

Revealed preference

Key terms and concepts

22

Revenue maximization

Key terms and concepts, Micro (Year 2) Key Terms

5

Revenues

Key terms and concepts

0

Reverse J curve effect

Macro (Year 2) Key Terms, Key terms and concepts

0

Ring-Fencing

Financial Markets Key Terms, Key terms and concepts

4

Risk

Key terms and concepts

1

Risk averse

Key terms and concepts

1

Road pricing

Key terms and concepts

1

Rotterdam Effect

Key terms and concepts

7

Rural urban migration

Key terms and concepts

S

0

Safe sourcing

Macro (Year 2) Key Terms, Key terms and concepts

3

Sales Maximisation

Key terms and concepts, Micro (Year 2) Key Terms

18

Satisficing

Key terms and concepts

6

Saving ratio

Key terms and concepts

4

Savings

Key terms and concepts

1

Savings Gap

Key terms and concepts

1

Say’s Law

Key terms and concepts

15

Scarcity

Key terms and concepts

4

Scarcity bias

Key terms and concepts

1

Schengen Agreement

Key terms and concepts

4

Scottish economy

Key terms and concepts

1

Screening

Key terms and concepts

0

Seasonal adjustment

Macro (Year 1) Key Terms, Key terms and concepts

7

Seasonal demand

Key terms and concepts

7

Seasonal unemployment

Key terms and concepts

0

Secondary Income

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

10

Secular Stagnation

Key terms and concepts

2

Service Industries

Macro (Year 1) Key Terms, Key terms and concepts

2

Shareholder value

Key terms and concepts

1

Sharing Economy

Key terms and concepts

0

Short-termism

Key terms and concepts

13

Shut down price

Key terms and concepts

4

Signalling

Key terms and concepts

0

Signalling function

Micro (Year 1) Key Terms, Key terms and concepts

0

Skill premium

Macro (Year 2) Key Terms, Labour Markets Key Terms, Key terms and concepts

8

Skills

Key terms and concepts

1

Small and medium sized enterprises (SMEs)

Key terms and concepts, Micro (Year 2) Key Terms

10

Small businesses

Key terms and concepts

9

Social behaviour

Key terms and concepts

7

Social benefit

Micro (Year 1) Key Terms, Key terms and concepts

9

Social Capital

Key terms and concepts

5

Social cost

Key terms and concepts

0

Social efficiency

Micro (Year 1) Key Terms, Key terms and concepts

2

Social Enterprises

Key terms and concepts

2

Social insurance

Key terms and concepts

1

Social Progress Indicator

Key terms and concepts

1

Social science

Micro (Year 1) Key Terms, Key terms and concepts

18

Social welfare

Key terms and concepts

0

Socialism

Key terms and concepts

0

Soft infrastructure

Macro (Year 2) Key Terms, Key terms and concepts

1

Solow Model

Key terms and concepts

15

Sovereign debt

Key terms and concepts

6

Sovereign wealth fund

Key terms and concepts

1

Special drawing rights

Key terms and concepts

4

Special Economic Zones

Macro (Year 2) Key Terms, Key terms and concepts

8

Specialisation

Key terms and concepts

0

Spill-over effects

Micro (Year 1) Key Terms, Key terms and concepts

3

Stagflation

Key terms and concepts

6

Stakeholders

Key terms and concepts

2

Stamp Duty

Key terms and concepts

32

Standard of Living

Key terms and concepts

5

State Aid

Key terms and concepts

3

State provision

Micro (Year 1) Key Terms, Key terms and concepts

13

Static efficiency

Key terms and concepts

5

Status Quo Bias

Key terms and concepts

0

Sterling Index

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Financial Markets Key Terms, Key terms and concepts

1

Stock Market

Key terms and concepts

1

Stress testing

Key terms and concepts

0

Structrural transformation

Macro (Year 2) Key Terms, Key terms and concepts

11

Structural budget deficit

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

13

Structural trade deficit

Key terms and concepts

40

Structural unemployment

Key terms and concepts

15

Sub-normal profit

Key terms and concepts

0

Subjective well-being

Macro (Year 1) Key Terms, Key terms and concepts

0

Submarkets

Micro (Year 1) Key Terms, Key terms and concepts

17

Subsidy

Key terms and concepts

2

Subsistence farming

Key terms and concepts

6

Substitutes

Key terms and concepts

6

Substitution effect

Key terms and concepts

13

Sunk cost

Key terms and concepts

0

Sunk cost fallacy

Behavioural Economics Key Terms, Key terms and concepts

38

Supernormal profit

Key terms and concepts

24

Supply

Key terms and concepts

0

Supply chain

Micro (Year 1) Key Terms, Key terms and concepts

10

Supply shock

Key terms and concepts

28

Supply-side economics

Key terms and concepts

10

Surge Pricing

Key terms and concepts

97

Sustainable development

Macro (Year 1) Key Terms, Key terms and concepts

0

Symmetric information

Micro (Year 1) Key Terms, Key terms and concepts

0

Synoptic Economics

Key terms and concepts

T

10

Tacit collusion

Key terms and concepts, Micro (Year 2) Key Terms

17

Takeover

Key terms and concepts

10

Tax Avoidance

Macro (Year 1) Key Terms, Key terms and concepts, Current Issues

3

Tax Incidence

Micro (Year 1) Key Terms, Key terms and concepts

12

Taxation

Key terms and concepts

3

Technical efficiency

Key terms and concepts

0

Technological progress

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

22

Technology

Key terms and concepts

17

Terms of Trade

Key terms and concepts

0

Time lags (production)

Key terms and concepts

0

Titling

Macro (Year 2) Key Terms, Financial Markets Key Terms, Key terms and concepts

9

Tourism

Key terms and concepts

10

Trade Balance

Macro (Year 1) Key Terms, Key terms and concepts

19

Trade Barriers

Key terms and concepts

15

Trade Creation

Key terms and concepts

29

Trade deficit

Key terms and concepts

0

Trade diversion

Macro (Year 2) Key Terms, Key terms and concepts

19

Trade liberalisation

Macro (Year 2) Key Terms, Key terms and concepts

0

Trade openness

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

9

Trade surplus

Key terms and concepts

11

Trade Union

Labour Markets Key Terms, Key terms and concepts, Micro (Year 2) Key Terms

0

Trade-Offs

Macro (Year 1) Key Terms, Macro (Year 2) Key Terms, Key terms and concepts

0

Trading blocs

Key terms and concepts

16

Tragedy of the Commons

Key terms and concepts

10

Trans-Atlantic Trade and Investment Partnership (TTIP)

Key terms and concepts

4

Trans-Pacific Partnership

Key terms and concepts

0

Transfer pricing

Key terms and concepts

3

Transition economies

Key terms and concepts