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 2 names in this directory beginning with the letter L.
Law of Supply
As the price per unit increases, the quantity that a firm is willing to offer per period rises, ceteris paribus.
The long run is defined as the time period during which all adjustments are considered possible; in production, it is when all factors of production are considered variable so no fixed factors exist. The firm can thus change its scale of operations in the long run.