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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 I.
Income elasticity of Demand
The responsiveness of demand to a change in income.

Infant Industry Argument
The argument that the only way a developing country can create a competitive domestic industrial sector is if it blocks all competing imports with prohibitive tariffs until it becomes sufficiently efficient.

Inferior goods
Goods for which demand decreases following a rise in consumers’ income.

Inflation
Refers to a sustained increase in the general price level.

Interest rate
The price or cost of borrowed money

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