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 2 names in this directory beginning with the letter S.

Scarcity

The idea that human wants exceed the ability to produce goods and services from our limited resources to satisfy these wants.

Shutdown Rule

A loss-making firm in the short run ill shut down and exit only if the price (average revenue) is less than the average variable cost. In the long run it will shut down if it is making losses.