12 of the Economics glossary’s terms, each with the part of the syllabus where you first meet it.
A measure of sustainable well-being combining life expectancy and self-reported well-being, divided by the ecological footprint, showing how efficiently countries turn resources into long, happy lives.
Products that are identical in the eyes of buyers, so that a buyer has no reason to prefer one seller's product to another's except on price.
Short-term financial capital that moves quickly between countries in search of the highest interest rate or an expected exchange rate gain.
The total amount households owe to lenders, such as mortgages, credit card debt and other loans; high indebtedness means a larger share of income goes on repayments and interest.
Individuals or groups of people living together who own the factors of production, sell their services to firms for factor incomes and buy goods and services as consumers.
The skills, knowledge, education, training and health of the labour force, which raise the productivity of workers.
A composite indicator published by the UNDP that combines life expectancy at birth, mean and expected years of schooling, and GNI per capita at PPP into one index between 0 and 1.
Short-term emergency assistance, such as food, water, shelter and medical care, given to save lives and reduce suffering after natural disasters, famines, epidemics or conflicts.
Extremely high and accelerating inflation, often defined as more than 50% a month, in which money rapidly loses almost all its value.
A testable statement about the relationship between two or more variables, proposed as a possible explanation and checked against empirical evidence.