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Glossary of IB Economics Terms

To excel in IB Economics, students need to have a good understanding of Economics Terminology. This is can be rather daunting for most students. In this page, we created a glossary of IB Economics terms to help students search for Economics definitions in just a few clicks. We hope you will find this tool useful.

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IB Economics Terms

All | # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
There are 11 names in this directory beginning with the letter C.
Capital
Produced means of production (tools, machines, equipment, factories, etc).

Capital account of BOP
Records the portfolio and foreign direct investments into and out of a country over a period of time.

Capital flight
Records the portfolio and foreign direct investments into and out of a country over a period of time.

Ceteris Paribus
All other factors remaining constant.

Circular flow
An economic model showing the major interrelationship and flows, real and monetary, between the major ‘players’ (decision-making units) of an economy.

Collusive Oligopoly
Formal collusion of oligopolistic firms agreeing to behave as if they were a monopoly by restricting output in order to fix price at a higher level.

Commodities
Primary products used as inputs in the manufacturing process and traded in international markets (e.g. coffee, cotton, tin, zinc, copper, etc.)

Consumption
spending by households (consumers) on goods and services

Current account deficit
The outflow of money for imports of goods and services plus investment income and/or transfers is greater than the revenue gained from exports of goods and services plus investment income and/or transfer

Custom Union
It is a form of economic integration where member countries agree to liberalize trade (trade freely amongst themselves) and adopt a common external tariff (or common trade policies towards non members).

Cyclical unemployment
Unemployment that is a result of insufficient aggregate demand (and of sticky money wages.) Cyclical unemployment rises as an economy moves deeper into recession

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