IGCSE Economics

Absolute poverty

where people do not have enough resources to meet all of their basic human needs

Administration

activities involved with managing and organising the work of a company or organisation

Aggregate demand

total demand in the economy including consumption, investment, government expenditure and exports minus imports

aggregate supply

total amount of goods and services produced in a country at a given price level in a given time period

Anti-competitive practices

(or restrictive trade practices) attempts by firms to prevent or restrict competition

Appreciate

(of a currency) where the value of a currency rises due to market forces - the exchange rate increases as a result

Assembly plants

factory where parts are put together to make a final product

Assets

things or resources belonging to an individual or a business that has value or the power to earn money

Austerity

official action taken by a government in order to reduce the amount of money that it spends or the amount that people spend

Balance of paymonts

record of all transactions relating to international trade