IB Economics/Microeconomics/Key Terms
Key Terms
[edit | edit source]Abnormal profits (HL)
Accounting cost/profit (HL)
Ad valorem tax (HL)
Allocative efficiency (HL)
Average costs (HL)
Average revenue (HL)
Barriers to entry (HL)
Break even price (HL)
Buffer stock scheme *Not needed in the current syllabus.
Cartel (HL)
Collusive oligopoly (HL)
Commodity
Commodity agreements
Contestable market (HL)
Cross price elasticity
Demand
Demerit goods
Diminishing marginal returns (HL)
Direct tax
Diseconomies of scale (HL)
Economic cost/profit (HL)
Economies of scale (HL)
Elasticity
Elastic demand
Elastic supply
Equilibrium price
Externalities
Fixed costs (HL)
Flat rate tax (specific tax) (HL)
Giffen goods (HL)
Incidence of tax (HL)
Income elasticity
Indirect tax
Inelasticity
Inelastic demand
Inelastic supply
Inferior goods
Law of demand
Law of diminishing average returns (HL)
Law of diminishing marginal returns (HL)
Law of supply
Long run (HL)
Market
Market failure
Market success
Marginal costs (HL)
Marginal revenue (HL)
Maximum price
Merit goods
Minimum price
Monopolistic competition (HL)
Monopoly (HL)
Natural monopoly (HL)
Negative externalities
Non-collusive oligopoly (HL)
Normal goods
Normal profits (HL)
Oligopoly (HL)
Perfect competition (HL)
Positive externalities
Price discrimination (HL)
Price elasticity of demand
Price elasticity of supply
Product differentiation (HL)
Productive efficiency (HL)
Profit-maximizing level of output (HL)
Public goods
Quotas
Short run (HL)
Shut down price (HL)
Subsidy
Supply
Sustainable development
Total costs (HL)
Total revenue (HL)
Tradeable permits
Variable costs (HL)
Veblem goods (HL)