Flashcards – all units

Only 10 flashcards are shown at a time! Once you’ve mastered these 10 Economic terms, click the shuffle button below for 10 new terms. There are approximately 330 flashcards in total covering Micro, Macro, International and Development Economics

Phillips Curve
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A downward sloping curve showing the short run tradeoff between the level of inflation and the level of unemployment in a nation. There is also a long-run curve which is vertical at the natural rate of unemployment showing that in the long run there is no trade off between the price level and the level of unemployment in an economy.

Phillips Curve
Trade diversion
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When a free trade agreement diverts trade from a low-cost that is not involved in the agreement country to a higher cost country that is involved. If trade diversion occurs, a free trade agreement may lead to an overall loss of efficiency in resource allocation in the world.

Trade diversion
Demand
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A schedule or curve showing the quantities of a particular good demanded at a range of price in a particular period of time.

Demand
World Bank
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An international agency which makes soft loans to less economically developed countries, mostly for infrastructure projects or other investments which improve the physical or the human capital of the developing country.

World Bank
Choice
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In economics, decisions must be made between the various alternative uses for society’s scarce resources. Every choice involves an opportunity cost.

Choice
Customs union
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A free trade agreement under which member nations agree to remove all protectionist measures (tariffs, quotas, etc.) between member states, but maintain common external tariffs on imports from non-member states.

Customs union
Nominal GDP
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The quantity of various goods produced in a nation times their current prices, added together. Can increase either as a result of an increase in real output or an increase in the price level.

Nominal GDP
Inflationary spiral
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The rapid increase in average price level resulting from demand pull inflation leading to higher wages, causing cost push inflation.

Inflationary spiral
Export-led Growth
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A strategy for economic growth and development focused on producing exports to sell to consumers in more developed countries. Also known as “outward-oriented” growth strategy.

Export-led Growth
Market system
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Market economic system: A system of resource allocation in which buyers and sellers meet in markets to determine the price and quantity of goods, services and productive resources.

Market system

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