11 of the Economics glossary’s terms, each with the part of the syllabus where you first meet it.
The difference between the wage rates paid to different groups of workers, caused by differences in the demand for and supply of each type of labour and in their bargaining power.
A set of market-oriented policy recommendations for developing countries, associated with the IMF, the World Bank and the US Treasury from the late 1980s, including fiscal discipline, trade liberalisation, privatisation and deregulation.
The total value of the assets owned by an individual or household at a point in time, such as property, savings, shares and land, minus any debts; a stock rather than a flow.
A direct tax on the value of a person’s net assets (property, savings, shares and other assets minus debts), usually charged each year and only above a high threshold.
A price index in which the price change of each item or category is multiplied by a weight reflecting its share of household spending, so items with larger spending shares affect the index more.
The loss of social surplus that occurs when a market produces a quantity other than the allocatively efficient one, so some value is lost to society; also called deadweight loss.
The process of increasing women's ability to make choices and control their own lives, through equal access to education, health care, work, finance, property and political participation, and changes in laws and norms.
An international institution, founded in 1944, that provides long-term loans, grants and technical advice to developing countries for development projects and policy reforms, with the aim of reducing poverty.
An annual ranking of countries by the average rating people give their own lives on a scale from 0 to 10, with an analysis of the factors linked to the differences.
The price of a good set by global demand and supply, at which a small country can buy or sell as much as it wishes under free trade.
The international organisation that sets and enforces the rules of trade between its member countries, provides a forum for trade negotiations and settles trade disputes.