Economics Dictionary

Absolute advantage (HL) – can produce more goods or services with the same resources

Accelerator (HL) – Keynesian investment level depends on changes in national income

Accounting costs (HL) – explicit monetary production costs

Ad valorem tax – indirect tax expressed as a percentage of price (VAT)

Administrative obstacles or regulatory barriers – government regulations that cause imports to decrease to protect domestic industries

Aggregate demand – planned domestic spending on goods and services at various possible average price levels during a specified time period

Aggregate supply – planned output of goods and services at various possible price levels during a certain period of time

Aid – flow of capital to developing countries in the form of grants or low interest rate loans

Allocative efficiency – when marginal benefit is equal to marginal cost

Anti-dumping duties – tariff imposed on import price of good being dumped to reduce harm on domestic industry

Appreciation – the increase in value, strengthening of the currency, or increase in the exchange rate

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