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Economics for the IB Diploma Glossary abnormal profi t Refers to positive time period (aggregate demand), measured average costs Costs per unit of output, economic profi t, arising when total on the horizontal axis, plotted against the or the cost of each unit of output on revenue is greater than total economic price level, measured on the vertical axis. average. They are calculated by dividing costs (implicit plus explicit costs); is total cost by the number of units of output also known as ‘supernormal profi t’. See aggregate supply The total quantity produced. economic profi t. of goods and services produced in an economy over a particular time period, at average fi xed costs Fixed cost per unit absolute advantage Refers to the ability different price levels, ceteris paribus. of output, or the fi xed cost of each unit of of a country to produce a good using fewer output on average. They are calculated by resources than another country, or, what aid See foreign aid. dividing fi xed cost by the number of units is the same thing, the ability of a certain allocation of resources See resource of output produced. amount of resources in a country to allocation. produce more than the same resources can average product The total quantity produce in another country. allocative effi ciency An allocation of of output of a fi rm per unit of variable input (such as labour); shows how much resources that results in producing the absolute poverty The inability of an output each unit of the variable input individual or a family to afford a basic combination and quantity of goods and (for example, each worker) produces on standard of goods and services, where services mostly preferred by consumers. It average. this standard is absolute and unchanging is achieved when the economy allocates over time. Absolute poverty is defi ned in its resources so that no one can become average revenue Revenue per unit of output sold, calculated by dividing total relation to a nationally or internationally better off in terms of increasing their revenue by the number of units of output determined ‘poverty line’, which benefi t from consumption without determines the minimum income that can produced. someone else becoming worse off. The sustain a family in terms of its basic needs. condition for allocative effi ciency is given average tax rate Tax paid divided by actual output The quantity of output by P = MC (price is equal to marginal cost). total income, expressed as a percentage actually produced by an economy. In the (i.e. tax paid divided by total income context of the production possibilities anti-dumping An argument that multiplied by 100). model, it may be contrasted with justifi es trade protection policies: if a average total costs Total cost per unit production possibilities: actual output country’s trading partner is suspected of of output, or the total cost of each unit of occurs somewhere inside an economy’s practising dumping, then the country output on average. They are calculated by production possibilities curve (PPC) should have the right to impose trade dividing total costs by the number of units because of the presence of unemployed protection measures (tariffs or quotas) to of output; they are also equal to the sum of resources and productive ineffi ciency. limit quantities of the dumped good; see average fi xed costs and average variable costs. In the context of the AD-AS model, it dumping. may be contrasted with potential output, appreciation (of a currency) Refers average variable costs Variable cost given by the position of an economy’s to an increase in the value of a currency per unit of output, or the variable cost of long-run aggregate supply (LRAS) curve: in the context of a fl oating (or fl exible) each unit of output on average. They are actual output may be higher or lower than exchange rate system or managed calculated by dividing variable cost by the potential output (if there is an infl ationary exchange rate system (compare with number of units of output. or defl ationary gap) or it may be equal revaluation, which refers to an increase in to potential output (if the economy is in balance of payments A record (usually currency value in the context of a fi xed long-run equilibrium). for a year) of all transactions between the exchange rate system). residents of a country and the residents of ad valorem taxes Taxes calculated as a appropriate technology Technologies all other countries, showing all payments fi xed percentage of the price of the good that are well-suited to a country’s received from other countries (credits), or service; the amount of tax increases as particular economic, geographical, and all payments made to other countries the price of the good or service increases. ecological and climate conditions. Often (debits). In the course of a year, the sum of all the credits must be equal to the sum of administrative barriers Trade used in connection with labour-abundant all the debits. protection measures taking the form of developing countries that require labour- intensive (as opposed to capita- intensive) administrative procedures that countries balance of trade in goods Part of the technologies. may use to prevent the free fl ow of balance of payments, it is the value of imports into a country; these may include asymmetric information A type of exports of goods minus the value of customs procedures involving inspections market failure where buyers and sellers imports of goods over a specifi c period of and valuation, controls on packaging, and do not have equal access to information, time (usually a year). others. Often considered to be a kind of usually resulting in an underallocation of ‘hidden’ trade protection as they don’t balance of trade in services Part of resources to the production of goods and involve obvious trade protection measures the balance of payments, it is the value services, as parties to a transaction with such as tariffs and quotas. of exports of services minus the value of less access to information try to protect imports of services over a specifi c period of themselves against the consequences of aggregate demand The total quantity time (usually a year) of goods and services that all buyers the information asymmetry. in an economy (consumers, fi rms, the balance on capital account The sum automatic stabilisers Factors that government and foreigners) want to buy of infl ows minus outfl ows of funds in automatically, without any action by over a particular time period, at different the capital account of the balance of government authorities, work toward possible price levels, ceteris paribus. payments. See capital account. stabilising the economy by reducing the aggregate demand curve The curve short term fl uctuations of the business balance on current account The sum that shows the relationship between total cycle. Two important automatic stabilisers of infl ows minus outfl ows of funds in quantity of goods and services that all buyers are progressive income taxes and the current account of the balance of in an economy want to buy over a particular unemployment benefi ts. payments. See current account. 540 Glossary balance on fi nancial account The sum capital One of the factors of production, circular fl ow of income model A of infl ows of funds minus outfl ows in which itself has been produced (it does model showing the fl ow of resources from the fi nancial account of the balance of not occur naturally), also known as consumers (households) to fi rms, and the payments. See fi nancial account. ‘physical capital’, including machinery, fl ow of products from fi rms to consumers, tools, equipment, buildings, etc. Physical as well as money fl ows consisting of balanced budget Referring usually to the capital is also referred to as a ‘capital consumers’ income arising from the sale government’s budget, it is the situation good’ or ‘investment good’. Other types of their resources and fi rms’ revenues where government tax revenues are equal of capital include ‘human capital’, or the arising from the sale of their products. It to government expenditures over a specifi c skills, abilities, knowledge and levels of illustrates the equivalence of expenditure period of time (usually a year). good health acquired by people; ‘natural fl ows, value of output fl ows, and income barriers to entry Anything that can capital’, or everything that traditionally fl ows. prevent a fi rm from entering an industry has been included in the factor of production ‘land’; and ‘fi nancial capital’, clean technology Technology that is not and beginning production, as a result polluting, associated with environmental limiting the degree of competition in the or purchases of fi nancial instruments such as stocks and bonds. sustainability; includes solar power, wind industry. power, hydropower, recycling, and many bilateral trade agreement Any trade capital account In the balance of more. payments, refers to the infl ows minus agreement (or agreement to lower closed economy An economy that has international trade barriers) involving outfl ows of funds for (i) capital transfers’ (including such things as debt forgiveness no international trade (no imports and two trading partners, usually two exports); usually appears in connection countries. It may also involve a trade and non-life insurance claims), and (ii) the purchase or use of non-produced natural with economic theories and models as agreement between one country and virtually no economy in the real world is another group of countries when this resources (such as mineral rights, forestry rights, fi shing rights and airspace); it is a a closed economy. To be contrasted with groups acts as a single unit (such as the open economy.
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