IGCSE Economics Glossary Terms - E

The total amount received including additional payments.

• Earnings

• Wages

• Investments

• Money

Changes in the real GDP of an economy over time through periods of boom, recession, slump and recovery.

• Economic cycle

• Business cycle

• Trade cycle

• Currency cycle

An improvement in the living standards and quality of life of the population of a country as it transitions from being reliant on the primary sector for employment and output towards the secondary and tertiary sectors.

• Export development

• Economic growth rate

• Economic development

• Enterprise development

Goods which are scarce relative to the demand for them.

• Economic goods

• Enterprise goods

• Excess goods

• Scarce goods

The change in the value of the goods and services produced within a country over time.

• Enterprise growth

• Economic growth

• Employment growth

• Expansionary growth

The percentage increase in the value of goods and services produced in an economy over time (usually a year).

• Enterprise growth rate

• External growth rate

• Economic growth rate

• Efficiency growth rate

Land, labour, capital and enterprise.

• Enterprise resources

• Efficient resources

• Export resources

• Economic resources

Where an increase in the level of production results in a fall in the average costs of production.

• External economies

• Expansionary economies

• Economies of scale

• Diseconomies of scale

Consumers' desire to buy a good, backed up by the ability to pay.

• Effective demand

• Efficient demand

• Economic demand

• Export demand

How effective the firm is in using factors of production to generate its output

• Effectiveness

• Efficiency

• Excess

• Expansionary