1
Q
Absolute poverty
A
A condition where people’s income is too low to enable them to meet their basic needs
2
Q
Relative poverty
A
A condition where people are poor in comparison to others in the country. Their income is too low to enable them to enjoy the average standard of living in their country
3
Q
Vicious circle of poverty
A
A situation where people become trapped in poverty
4
Q
Multidimensional Poverty Index (MPI)
A
A measure of poverty based on deprivations in education, health and standard of living
IGCSE Economics Definitions
flashcards
Decks in class (39)
# Cards
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Chapter 1: The nature of the economic problem5
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Chapter 2: Factors of Production21
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Chapter 3: Opportunity costs1
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Chapter 4: Production Possibility Curves2
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Chapter 5: Microeconomics and Macroeconomics5
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Chapter 6: The role of markets in allocating resources11
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Chapter 7: Demand14
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Chapter 8: Supply13
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Chapter 9: Price determination4
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Chapter 10: Price Changes1
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Chapter 11: Price elasticity of demand8
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Chapter 12: Price elasticity of supply8
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Chapter 13: Market economic system10
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Chapter 14: Market Failure15
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Chapter 15: Mixed economic system9
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Chapter 16: Money and Banking6
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Chapter 17: Households8
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Chapter 18: Workers16
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Chapter 19: Trade unions9
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Chapter 20: Firms16
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Chapter 21: Firms and Production2
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Chapter 22: Firms, costs, revenue and objectives12
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Chapter 23: Market structure9
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Chapter 24: The role of government6
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Chapter 25: The macroeconomic aims of government11
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Chapter 26: Fiscal policy17
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Chapter 27: Monetary policy4
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Chapter 28: Supply-side policies2
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Chapter 29: Economic growth10
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Chapter 30: Employment and unemployment17
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Chapter 31: Inflation and deflation12
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Chapter 32: Living standards6
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Chapter 33: Poverty4
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Chapter 34: Population9
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Chapter 35: Differences in economic development between countries3
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Chapter 36: International specialisation1
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Chapter 37: Free trade and protection9
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Chapter 38: Foreign exchange rates8
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Chapter 39: Current account of balance of payments7
