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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 5 names in this directory beginning with the letter G.
Giffen goods
Giffen goods, together with Veblen goods, are an exception to the law of demand. If the price of such goods increases, quantity demanded per period will increase, giving rise to a positively sloped demand curve. A Giffen good has the following characteristic: it is a very strongly inferior good, it is consumed by the very poor and expenditure on such a good dominates total expenditures, e.g. potatoes during the Irish potato famine in the 19th century.

Gini coefficient
A measure of income inequality within a population that ranges from zero (perfect equality) to 1 (or 100) in the case of absolute inequality; Brazil has one of the highest Gini coefficients (about 0.60) whereas Austria has one of the lowest (0.25).

Globalisation
The process of increasing world-wide disconnectedness reflected in greater trade and cross border investment flows, the proliferation of multinationals and existence of faster and cheaper communication (internet, cell phones) and transportation.

Government Failure
When government policies aiming at correcting a market failure fail to do so as a result of unintended consequences, measurement problems, biases, etc.

Gross Domestic Product
The value of all final goods and services produced within an economy over a period of time, usually a year.

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