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Economics Dictionary

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Complete economics dictionary

Complete Economics dictionary
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ABNORMAL PROFIT The surplus of revenue over costs enjoyed by a monopoly that is in excess of profit the same firm could expect to earn if it faced competition for its market.

BALANCE OF PAYMENTS An accounting record of all monetary transactions between a country and the rest of the world.

ABSOLUTE ADVANTAGE The ability of a country or region to produce a good or service at a lower average cost per unit than any other country or region is able to.
ABSOLUTE POVERTY An economic condition of lacking both money and basic necessities needed to successfully live, such as food, water, education, health care and shelter.
ADULT LITERACY RATE A measure of the number of people of working age as a proportion of the total population in a country who are able to read and write.
AGGREGATE DEMAND The total demand for goods and services in an economy. It is determined by consumer spending, investment, public expenditure and spending by overseas residents on exports.
AGGREGATE SUPPLY The total output or supply of all goods and services in an economy that all producers are willing and able to supply.
ANCILLARY FIRMS Firms which provide goods and business services for other firms; they are often located near to their main business customers.
APPRECIATION (in the value of a currency) A rise in the rate at which a national currency can be exchanged for another currency or currencies, i.e. a rise in the market price of one currency in terms of other currencies.
ARTIFICIAL BARRIERS TO ENTRY Obstacles created by a powerful monopoly or oligopoly purposefully to restrict competition from new firms entering the markets they dominate.
AVERAGE COST The cost per unit of output, calculated by dividing the total cost of a given level of output by that total volume of output.

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