Miscellaneous Quiz / Most Frequent Terms - Paper 2

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Top 50 econ terms in Paper 2

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small number of firms in the industry; firms have significant control over price; firms are interdependent; products may be differentiated or homogeneous; high barriers to entry.
A measure of the responsiveness of demand to changes in income; measured by the percentage change in quantity demanded divided by the percentage change in price Relatively high res
Development which meets the needs of the present without compromising the ability of future generations to meet their own needs
(XED) A measure of the responsiveness of the demand for one good to a change in the price of another good; measured by the percentage change in the quantity of one good demanded di
Eradicate extreme poverty and hunger Achieve universal primary education Promote gender equality and empower women Reduce child mortality
When countries give money to international organizations such as the World Bank, the IMF, and UNICEF. The international organization is then responsible for delivering the aid.
An explanation that it is an increase in output (real GDP) over time.
An explanation that it is when a country can produce a product at a lower opportunity cost than another country.
overdependence on a narrow range of commodity exports leads to the inability to expand in value-added sectors vulnerability to price fluctuations and economic conditions in other c
The value of the next best alternative that must be given up or sacrificed in order to obtain something else.
A market in which resource allocation (or price and/or output) is determined by one of the following:demand and supply price mechanism producers and cons
Investment by a MNC long term investment in another country investment in productive capacity in another country investment in another country representing at least 10% ownership.
An explanation that it is any two of the following:the number of people without a job who are actively seeking work who are able and willing to work.
An increase in the value (or price) of one currency in terms of another in a floating exchange rate system (due to the forces of supply and demand).
An explanation that it is the total value of all goods and services produced in an economy (in a given time period).
Taxes levied on spending to buy goods and services whereas payment of some or all of the tax by the consumer is involved, they are paid to the government by the firms
An explanation that it is one of the following:the price or cost of borrowed money (credit) the reward for saving the percentage paid on borrowed money.
An explanation that it occurs when an economy experiences two consecutive quarters of falling output (negative growth).
The part of an economy that is neither taxed, nor monitored by any form of govt. Unlike the formal economy, activities of the informal economy are not included in the GNP & GDP
Exports by a country or firms of goods at a price that is lower than the cost of production. Is considered to be an unfair trade practice, & is illegal according to intl. agreement
Any kind of arrangement where buyers and sellers of a particular good, service or resource are linked together to carry out an exchange.
Result of technological changes & changing patterns of demand (causing changes in demand for labour skills), as well as changes in the location of jobs, & labour market rigidities
large scale public systems (services and facilities) of a country, necessary for economic activity, an addition to the capital stock of a nation, usually supplied by the government
A measure of the flow of funds from trade in goods & services (value n goods aA measure of the flow of funds from trade in goods & services, plus net income flows & net transfers o
A firm involved in foreign direct investment (FDI); a firm that is based in one country (the home country) and that undertakes investments in another country (the host country).
Occurs when the current account balance has a negative value, meaning that debits are larger than credits (there is an excess of debits).
An explanation that it is a physical limit on the number or value of a good that can be imported into a country.
increased employment access to imports import new technologies exploit comparative advantage economies of scale improvements in efficiencies greater choice
An explanation that it is a tax on imports.
Occurs when the current account balance has a positive value, meaning that credits are larger than debits (there is an excess of credits).
a broader concept than economic growth involving welfare improvements to the standard of living including health, education and shelter.
Organisation that provides the institutional & legal framework for the system that exists between member nations worldwide, liberalising trade, trade rules & forum for trade negoti
Decreases in the average costs of production that occur as a firm increases its output by varying all its inputs (i.e. in the long run).
Refers to a decrease in the value of a currency in the context of a floating (or flexible) exchange rate system or managed exchange rate
An explanation that they are costs (harmful effects) suffered by a third party as a result of an economic transaction (or when a good or service is produced or consumed).
Any policy based on government intervention
The control of the supply of money by the central bank to affectthe economy (e.g. changing interest rates, changing reserve requirements buying and selling bonds)
Manipulations by the government of its own expenditures and taxes in order to influence the level of aggregate demand; it is a type ofdemand- side policy
An explanation that it is the value (price) of one currency expressed in terms of another currency.
The amount of unemployment in an economy, expressed as a %, calculated by taking the total number of unemployed people in an economy and / by the labour force, & * by 100.
Indicates the various quantities of a good that consumers (or a consumer) are willing and able to buy at different possible prices during a particular time period,ceteris paribus
imposed by the government (or an authority), set above the equilibrium (market) price, price cannot fall below this price
Spending by households (consumers) on goods and services (excludes spending on housing).
Money given by government to firms and one of the following: to lower their costs of production. to increase output of a desired product - to reduce imports
expenditure/spending by firms on capital
Improve maternal health combat HIV/AIDS Malaria, and other diseases Ensure environmental sustainability Develop a Global Partnership for Development
An inability to invest in (physical, human or natural) capital due to low savings, forming a self-perpetuating cycle
An index that shows the value of a country's average export prices relative to the import prices, the index of export prices divided by the index of import prices times 100)
An explanation that it a sustained increase in the average (general) price level
Absence of govt intervention of any kind in international trade, so that trade takes place without any restrictions (or barriers) between individuals or firms in different countrys

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