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 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.
Is where the government domestic revenue is less than government expenditure
The short-run fluctuations of real GDP around its long-run trend.