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 currently 4 names in this directory beginning with the letter B.

Balance of Payments

A record of all transactions of a country with the rest of the world over a period of time. It is broken down into the current account and the capital account

Break even output

That level of output for which the total revenues of a firm are equal to the total costs of production so that profits are zero.

Budget Deficit

Is where the government domestic revenue is less than government expenditure

Business cycle

The short-run fluctuations of real GDP around its long-run trend.