Economics Definitions (Igcse)

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Absolute poverty

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A measure of the number of people with income below a certain figure often UN figure of $1.25 per day

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Ad valorem tax

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A tax levied as a percentage of the value of the item it is imposed on. (E.g Value added tax and many import taxes)

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Average revenue

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Average receipt to a business from the number of units sold.

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Ageing population

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A population with increasing average age , usually resulting in increasing proportion of older to younger people.

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Appreciation of currency

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Rise in the value of currency in the terms of other currencies for which it can be exchanged.

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Average fixed cost (AEC)

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Total fixed cost of a business divided by the number of units produced or sold.

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Average total cost (ATC)

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Total cost of Production of any given output divided by the number of units sold also refereed as average cost.

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Balance of payments

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Account setting out financial flows resulting from country's trading and financial exchanges with one another.

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Barter

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Exchange of one good for another, relies on a double coincidence of wants

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Base gear

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A year used an a basis for comparison when creating an index the base year is the given figure of 100 comparisons can then be made against the base year.

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Budget

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