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
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.
Goods for which demand decreases following a rise in consumers’ income.
Refers to a sustained increase in the general price level.
The price or cost of borrowed money