Economics Glossary Gcse Essay

5919 Words Apr 23rd, 2016 24 Pages
|Terminology |Definition |
|Absolute Advantage |Absolute Advantage occurs when one country can produce more of a good or service with the same or resources |
| |and more cheaply than another country |
|Absolute poverty |Absolute poverty describes the amount of people living on less than $1.50 a day |
|Ad Valorem Tax |Ad Valorem Tax is levied as a percentage of the price of a good or service. Currently in England, the |
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Aid can be classified as financial, technical, |
| |short-term, long-term, humanitarian and multi-lateral or bi-lateral aid. |
|Assets |Assets are stores of wealth in the form of property, antiques, works of art or gold. |
|Average Cost |The average cost of production is calculated by dividing the total production cost, fixed and variable, by |
| |the quantity produced: |
| | |
| |AC= Total production cost |
| |Total Quantity |
|Average Revenue |The average revenue is calculated by dividing the total sales revenue by the quantity produced: |
| | |
| |AR= Total Sales

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