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Economics Glossary Gcse

In: Business and Management

Submitted By joshua6410
Words 5904
Pages 24
|Terminology |Definition |
|Absolute Advantage |Absolute Advantage occurs when one country can produce more of a good or service with the same or resources |
| |and more cheaply than another country |
|Absolute poverty |Absolute poverty describes the amount of people living on less than $1.50 a day |
|Ad Valorem Tax |Ad Valorem Tax is levied as a percentage of the price of a good or service. Currently in England, the |
| |Value-Added Tax is 20% of the price of goods and services. It is an indirect tax collected by a third party, |
| |usually the seller, who in turn add the tax to the cost of the goods. |
|Aggregate Demand (AD) |AD is the total demand for goods and services in the economy: AD= C+I+G+(X-M). |
| |C= Total consumption /Expenditure in the economy |
| |I= Total investment |
| |G= Total government expenditure |
| |X-M= The net trade is Exports minus Imports |
|Aggregate Supply (AS) |AS is the total supply of goods and services within the economy…...

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