Economics Definitions: AS Level Study Guide

分请勿以下内容均来自于 AS 模块化冲刺班讲义内容整理！喵济学勿分享经请书小红分享！请勿理定义也是拉开分数的重要途径，请勿分享传播喵整享！红书学分小分济勿分题的定义要求不同需要注意的是，8 请12 请勿书经分题和！红小分享 8 分题需要大家尽可能写全(按照做题技巧 AO1 前的内容) 勿请整理！ 12 分题的定义有的则不需要写或者只需要写一个较为简短的部分，当然，也不要省略核心喵济学勿分享内容理经整书红享！请学喵分享！小分请勿请勿 1. Equilibrium： A market is in equilibrium when quantity 理 demanded equals quantity supplied. This is a 整 balanced situation with no tendency to change. 享！学喵分济书经！请勿红享小 2. Disequilibrium：勿分请整理 Disequilibrium exists when quantity demanded does not equal to quantity supplied 学 in 喵 the 享！勿分经济demand When quantity demanded is larger than quantity supplied, there is 书 excess 请整理market. ！！喵享小红 there 济学勿分享(shortage) and when quantity supplied is larger than quantity demanded, 勿分 is excess 经请书！请 supply (surplus) 享勿分整理！喵 3. Demand 济学勿分享经请书 Demand refers to the quantity红 a product 享！ that buyers are willing and able to buy at given 小 of 分 prices per period of time, ceteris paribus or other things equal. 请勿整理！喵济学勿分享理经整书！请！ 4.喵Supply 红享享学小勿分is the quantity of a product that suppliers are willing and able to sell at given 请勿分经济请 Supply prices over 书小红分享！ a period of time, ceteris paribus or other things equal. 请勿整理！喵享学需要注意的是，新考纲目前来看，需求和供给的定义从未赋分经济请勿分书小红分享！请勿 5. Demerit good 整学喵分济 Demerit good is a理 good that is thought to be undesirable and overprovided by the market due 整！书经！请勿喵红 to information failure. 享学分小分享勿经济 of 请 Example demerit good includes cigarettes, alcohol and fast food. 请勿书！红享小分请勿整理！喵 6. Merit good 济学勿分享经 Merit good is a good that is thought to be desirable but underprovided by the market due to 红书享！请小 information failure. 勿分请 Example of merit good includes education and healthcare(vaccination/inoculation) 理经济整书！喵小红分享 7. Public good 济学勿分享经请请勿书 are ！ ·Public红 good good that have characteristics of non-rivalry and non-excludability. 享小分 ·Non-rivalry to those 请勿 means that as more and more people consume the good, the benefit 整理！喵 already consuming the good must not be reduced. 济学勿分享经整理！书 for ·Non-excludability means that once the good has been provided one consumer, it is ！请红享享小分分勿 impossible to stop anyone else from benefiting from the good. 请勿整理！喵享学经济请勿分书小红分享！请勿分请勿整理！喵济学勿分享经请书小红分享！请勿 8. Definition of market economy Market economy is an economic system where resources are allocated through market 整理！ are owned by private sector. mechanism/market forces.喵 Most resources 享红书学分小分济请勿书经！请勿红享 Economy 小 of分 9. Definition Planned 勿整理！ Planned 请 economy is an economic system where resources are allocated through government 喵济学勿分享 central plannings and most resources are owned by public sector. 理经整书红享！请学喵分享！小分请勿请勿 10. Definition of Mixed economy Mixed economy is an economic system理where resources are allocated both by market 喵整 mechanism and government plannings, there are government interventions to address market 享！学分济勿经 failure and resources红 are书 owned by请 both private sector and public sector. 小分享！请勿整理！喵 11. Indirect tax 济学勿分享理An indirect tax is a tax that is levied by government upon expenditure. These taxes 经 tend to be 整喵享！红书享！请学小分济 passed on to consumers through increased prices in the market, although technically 勿分 they are 请书经！请勿 imposed on the producer. An indirect tax is usually imposed to reduce the consumption of 享勿分 demerit good such as cigarette or alcohol. 整理！喵济学勿分享经请 12. Provision of information 红书享！小分无 - 记得写例子请勿整理！喵济学勿分享理经整书！请！ price 13. 喵 Minimum 红享享学小勿分 price is a policy of price control that government might adopt, which is a请勿分经济请 Minimum price floor 书小红分享！ imposed above the free market equilibrium price, to prevent the price from dropping below it. 理 / to protect the interest of 请勿整 It is usually adopted to reduce consumption of demerit good. ！喵享学 producers under some circumstances. 经济请勿分书小红分享！请勿 14. Subsidy 整学喵分济 Subsidy is direct理 payments made by governments to the producers of certain goods and 整！书经！请勿红 services.学 A喵 subsidy is usually provided to increase the affordability of essential good or merit 享小分享勿分 because the benefits of subsidy would be passed onto consumers through 经济请 good for consumers 请勿书！红享小 price 分 mechanism in terms of lower price. 请勿整理！喵济学勿分享经 15. Maximum Price 红书享！请小 Maximum price is a policy of price control that government might adopt, which is a price 勿分请 ceiling imposed below the free market equilibrium price, to prevent the price from rising and 理经济 further exceeding it. The diagram below can help explain the effect of it, when adopted to 整书！喵享小红分享 increase the affordability of essential food for low-income households. 济学勿分经请勿书！请红享小分勿 Payment 16. 请 Transfer 整理！喵享学 and Transfer payment is a payment made or income received in which no济goods are 分services 勿经请整理！ being paid for. 红书享！享小分分勿请勿整理！喵享学经济请勿分书小红分享！请勿分请勿整理！喵济学勿分享经请书小红分享！请勿 17. Buffer Stock Scheme Buffer stock schemes are a typical government intervention to buffer the extreme price 整理 fluctuations/smooth the 喵 price 享！ in some markets, especially agricultural product 学分volatility 济 markets. In general terms, 请勿this is achieved by combining the principle of maximum and 书经！红享小price分 minimum controls. 书小红分请勿请勿整理！喵学分享请勿整理！喵享学 18. AO1 for PED (8 分题) 经济请勿分书享！ to a change in Price elasticity of demand measures the responsiveness of quantity 小红 demanded 分勿 price of the product. It is calculated using the formula below: 请 % �� 理整 �� = ！ % �� 学喵享济勿分经is larger If the absolute value红 of书 PED ！请 than 1, it means that a change in price would result in 享小分 more-than-proportionate change in quantity demanded and the demand for this product is 理请勿喵整享！ price elastic. If the absolute value of PED is between 0 and 1, it means that a change in 学price 济勿分经 for result in less-than-proportionate change in quantity demanded and the 书 demand this 请整理would ！！喵享学小红分享勿经济勿分 product is price inelastic. 书！请享勿分请 19. AO1 for PES (8 分题) 整理！喵 Price elasticity of supply measures the responsiveness 济学勿分享of quantity supplied to a change in price 经请书the formula of the product. It is calculated using 享！ below: 小红分勿 % �� 整理！ �� 请 �� = 喵 % �� 济学分享理经勿整absolute 书 in ！请！ value of PES is larger than 1, it means that a change in price would红 If喵 the result 享享学小勿分勿经济请 more-than-proportionate change in quantity supplied and the supply for this product is 分 price 请书小红分享！ elastic. If the absolute value of PES is between 0 and 1, it means that a change in price would 理 the supply for this product is 请勿整and result in less-than-proportionate change in quantity supplied 喵学分享！济 price inelastic. 勿经请书小红分享！请勿 20. AO1 for XED (8 分题) 整学喵分济 Cross elasticity of理 demand measures the responsiveness of quantity demanded of one product 整！书经！请勿喵红 to a change in price of another product. The XED value of product A with respect to the price of 享学分小分享勿经济 B请 product is then calculated using the formula below: 请勿书！红享小分 % �� 理 �� 请勿 �� = 整 % �� 享！ � 学喵�� 济分 If the absolute value of XED is larger than 1, it means that in price of product B would 请勿书经a change ！红享小分 result in more-than-proportionate change in quantity of product A and the demand 勿demanded 请 for this product A is cross elastic. 理is between 0 and 1, it means that a change in price of product B If the absolute value of 整 XED 喵学分享！ would result in济 less-than-proportionate change in quantity demanded of product A and the 经请勿书！ demand for this product A is cross inelastic. 红享小分请勿整理！享勿分整理！喵享学经济请勿分书小红分享！请勿整理！喵济学勿分享经请书小红分享！请勿经济书小红分享请勿分请勿整理！喵济学勿分享经请书小红分享！请勿 21. AO1 for YED (8 分题) Income elasticity of demand measures the responsiveness of quantity demanded to a change 整理！ in income. The YED value of product 喵学分享 is then calculated using the formula below: 济请勿 �� = % �� 书经 �� ！红享小分 % �� 勿整理！喵学分享请勿书小红分请勿理请 value of YED is larger than 1, it means that a change in income would If the absolute 喵整result 享！in 学分济 more-than-proportionate change in quantity demanded of this product the勿请 demand for 书经and ！红 this product A is income elastic. 小分享勿 If the absolute value of YED is between 0 and 1, it means that a 请 change in income would result in less-than-proportionate change in quantity 理 demanded of this product and the demand for 整 this product A is income inelastic.学喵分享！经济请勿书小红享！ 22. Consumer surplus勿分请整理 Consumer surplus is the difference between the price a consumer is willing to pay for a product 学喵分享！济整理and 书经请勿！ its market price. 红享！学喵分享小济勿分请书经！请勿 23. Producer surplus 享勿分理 a producer is willing to accept for a Producer surplus is the difference between the整 price 喵学分享！ product and its market price. 济书经！请勿红小分享 24. Incidence of tax & subsidy 请勿整理！喵 Incidence of tax is a term used to describe the extent to which the tax burden is borne by the济学分享勿理经请整喵享by！the consumer or by both. 红书享！学producer, 小分分济请勿书经！请勿红小分享 Incidence of subsidy is a term used to describe the extent to which the subsidy benefit is borne 请勿整理！ by the producer, by the consumer or by both. 喵享学经济请勿分书享！ 25. Difference between income and wealth AO1 小红 - 分勿 Income is the reward for the services 请 of a factor of production. Typical examples of income 整学喵分济 include wage, rent and profit. 理请勿！assets that someone has built up over time. Typical examples include 红书经！喵整 Wealth 学 is the stock of 享小分享勿分经济 shares 请 houses, and businesses. 请勿书！红享小分理请勿！ but wealth can 喵整of享time One key difference is that income can only be measured over a学 period 分济勿 wage, rent and profit for be measured at any point of time. After all you can only measure 请the 书经！红小分享 a month or a year, but not at any second. 请勿理经济 26. Gini coefficient - AO1 整书！喵享小红分享 Gini coefficient济 is 学 a numerical 分 measure of the extent of income inequality in an economy. The 勿经请请勿书 be ！ value 红 would between 0 and 1. The larger the value it has, the larger the extent of income 享小分 inequality value of Gini 请勿 there would be in this economy. Absolute equality happens when the 整理！喵享when 学 happens coefficient is 0, suggesting everyone has equal income. Absolute inequality the 分济勿经请整理！ value of Gini coefficient is 1, suggesting that one individual all the income in the 红书takes 享享！小分分勿 economy. 请勿整理！喵享学经济请勿分书小红分享！请勿整理！喵学分享请勿分请勿整理！喵济学勿分享经请书小红分享！请勿 27. Definition of Production Possibility Curve - The PPC shows the maximum level of output of each of the two goods that can be produced. 理但是实际上我更加推荐下面这个写法，如果担心的话，两个都写就可以了喵整享！学分 all combinations of two goods that an economy is able to 济勿shows Production possibility 请书经！curve 红 produce小 with all 分its享given resources being fully and efficiently employed. 勿书小红分请勿整理！喵享学经济请勿分书 28. Free goods 小红分享！请勿 Free goods are not scarce and have zero opportunity cost/no prices as no factors of production 请注：新考纲中，PPC 的定义从未赋分整理！喵济学勿分享经 29. Consumer goods红 / Capital 书 goods ！请享小分 Consumer good is good produced to satisfy current human needs and wants. 请勿 are required to produce them 整理！喵济学勿分享理经整喵享！红书享！请学小分济 Consumption refers to the household consumption which could be roughly represented by the 勿分请书经！请勿 amount of consumer goods. 享勿分理 businesses on the capital stock which Investment refers to the expenditure by private 整 sector ！喵享goods. 学of capital could be roughly represented by the amount 分济书经！请勿红小分享注：新考纲中，Consumer goods 请勿和 Capital goods 的定义从未赋分整理！喵济学勿分享理经整书！请喵享！红享学小勿分勿分经济请宏观部分：请书小红分享！请勿整理！ 30. 总需求 Aggregate demand 喵学分享 Aggregate demand(A.D.) is the total demand for an economy’s goods and services at a given 经济请勿书！红 price level. It consists of four parts: Consumption(C), 小分享 Investment(I), Government spending(G) 请勿 and Net Export(X-M). 喵整学济 Therefore, A.D. = 理 C+I+G+(X-M) 经请勿分整书！喵小红分享！济学勿分享经请 Aggregate supply 请勿书 31. 总供给！红享小 Aggregate 分 supply(AS) is the total output that producers in an economy 理 are willing and able to 请勿整 supply at a given price level. 学喵分享！济书经！请勿红小分享 32. Consumption and Investment 请勿 Consumption refers to the consumer expenditure which consists of consumer spending on 理经济 goods and services. 整书！喵享小红分享分 Investment refers to the spending by private sector firms on capital goods 济学勿经请勿书！请红享小分勿 flow of income is an economic model that shows how income, expenditure 33. 请 Circular 整理！ and 喵享学 of分 output move around the economy. households provide firms with 济 factors production in 勿经请整理！书 output exchange of income, which is then spent as expenditure on红the 享享！ from these firms in 小分分勿 terms of goods and services. 请勿 Capital good is good produced to be used in future process of production. 整理！喵享学经济请勿分书小红分享！请勿整理！喵学分享请勿分请勿整理！喵济学勿分享经请书小红分享！请勿 34. Economic growth Economic growth is an increase in an economy’s output. It is usually measured by Gross 理整measures Domestic Product(GDP), which 喵学分享！ the market value of goods and services produced in 济 an economy within 请勿of time (usually a season or a year) 书经a period 小红分享！勿 Short-run请 economic growth refers to the increase in real output. 书小红分请勿整理！喵享济学勿 Long-run economic growth refers to the increase in productive capacity.经 However, for分increase 请书享！capacity must be in productive capacity to increase real output, these increase 小 of 红 productive 分勿 put into use (potentially need increase in aggregate demand) 请整理 35. Definition of types of unemployment 学喵分享！济请勿 that arises when workers are between jobs. Frictional unemployment unemployment 书is经！红享小分 Structural unemployment arises due to changes in the structure of the economy. 请勿整理！喵 Cyclical unemployment arises due to due to lack of aggregate demand. 享学经济请勿分整理！书喵红享！学分享36. Measurement for unemployment (AO1) 小济勿分请书经！请勿 Governments typically employ two primary methods to measure unemployment: The Labour 享勿分 Force Survey(LFS) and Claimant Count Measure. 整理学喵分享！济请勿书经questionnaires, ！ The LFS measure collects data 红 through classifying working-age individuals into 享小分 three categories: currently employed, 请勿 unemployed (able and willing to work without a job but 整理！喵 still actively seeking work), and economically inactive (either unable to work or unwilling to济学分享勿理经请整喵享！红书享！学work) 小分分济请勿书经！请勿红小分享 In contrast, the Claimant Count simply tracks those legally receiving unemployment benefits, 理unemployment rate. 请勿整the dividing this figure by the estimated labour force to calculate 喵学分享！济书经！请勿红 37. Inflation definition 小分享请in勿price level. ·Inflation refers to the sustained increase 整学喵分济 ·Cost-push inflation occurs when prices are pushed up by increases in the cost of production. 整理！书经！请勿喵红 ·Demand-pull inflation occurs when prices are ‘pulled up’ by increases in aggregate demand 享小分享济学勿分经are 请 that not matched by equivalent increases in aggregate supply. 请勿书！红享小分请勿整理！喵 38. Fiscal policy - ① + ② 或者 ① + ③ 学分享经济请 ①Fiscal policy is the use of taxation and government书 spending to勿 manage aggregate demand ！红享小分 in order to achieve the government’s macroeconomic勿 aims. 请理 adopts expansionary fiscal policy to encourage economic 经济 ②The government usually 整书！享学喵分小红分享 growth/reduce济 cyclical unemployment/reduce deflation/ by tools increasing aggregate 勿经请请勿书 demand, such享 as！ decrease in income tax or increase in government spending. 红小分请勿整理！喵学 inflation/reduce ③The government usually adopts contractionary fiscal policy to 济 control 分享勿经请整理！ current account deficit by tools decreasing aggregate demand, such as！红书享享 increase in income tax 小分分勿 or decrease in government spending. 请勿整理！喵享学经济请勿分书小红分享！请勿分请勿整理！喵济学勿分享经请书小红分享！请勿 39. Budget - 预算 The government’ s annual budget is a statement of its fiscal policy. 整理 A budget surplus arises 喵 when revenue exceeds government spending.A budget deficit 享！学分tax 济勿 occurs when government exceeds tax revenue 书经！请spending 红享小 budget A balanced 分 is when government spending matches tax revenue. 书小红分请勿请勿整理！喵学分享请勿整理！喵享学 40. National debt - 国债(尚未出题) 经济请勿分书红 debt 享！ National debt is total government debt built up overtime. The 小 national is often expressed 分勿请 as a percentage of GDP. If a government has a budget deficit in one理 year it will add to the country’s national debt. 整！ surplus can be used to pay off part of the In contrast, the extra revenue earned a budget 享学喵from 分济勿经 national debt. 红书！请小分享请勿 41. 直接税与间接税理！ taxes are taxes on the sale of goods and services. 喵整享Indirect 学分 Direct taxes are taxes on income and wealth. 经济勿书！请享勿分整理！喵济学勿分享经请书小红分享！请勿 42. Progressive tax and Regressive tax 整理！喵 A progressive tax is one that takes a higher 分享 of a person or firm’s income as that 济学percentage 勿经请 a smaller percentage of a person’s income as 书 that！takes income rises. A regressive tax 红享小 is one 分 that income rises. 请勿整理！喵济学勿分享理经整书！请！rate of tax and average rate of tax 43. 喵 Marginal 红享享学小勿分 rate of taxation(mrt) means the proportion of extra income taken in tax. For请example, 勿分经济请 Marginal 书小红分享！ if one is paying his income tax at a 10% mrt, it would suggest that, at this point, the individual 理请勿 would have to pay 0.1 dollar per extra dollar he earns. 喵整学分享！济 Average rate of taxation(art) means the proportion 勿 income earned taken in tax. For 书经！of请total 红 example, if an individual earns a total小income of 100k annually and pays 20k as income tax, 分享勿请 then his art would be 20%. 整学喵分济整理！书经！请勿喵红 44. Monetary policy 享学分小分享经济请勿policy ①Monetary refers to any policy tools that affect the price and quantity of money to请勿书！红享小 influence 分 aggregate demand to achieve different macroeconomic objectives. Typical tools 理请勿整！喵 include manipulation on the interest rate, money supply, exchange rate and credit regulation. 济学勿分享经 Tips: 如果下面写①+②或者①+③，这句话可以不要请书小红分享！请勿整理！享勿分 ②The central bank usually adopts expansionary monetary policy to encourage economic 理 growth/reduce cyclical 整 unemployment/reduce deflation/ by tools increasing aggregate ！喵享学 demand such as 分in interest rate, devaluation of its exchange rate, increase in money 济decrease 请勿书a经！ supply红 and reduction in any restrictions on bank lending. 小分享 ③The central bank usually adopts contractionary monetary policy to control 整 inflation 理 rate or 请勿！喵学such分 to reduce current account deficit by tools decreasing aggregate demand as享 increase in 济经请勿书supply interest rate, revaluation of its exchange rate, decrease in money and an increase in any 红小分享！ restrictions on bank lending. 请勿整理！喵享学经济请勿分书小红分享！请勿经济书小红分享请勿整理！喵学分享请勿分请勿整理！喵济学勿分享经请书小红分享！请勿 45. Supply-side policy Supply-side policy are any policy tools that government adopt to increase aggregate supply by 理 improving the workings 喵 of 整 product 学分享！and factor markets. These tools achieve increase in 济 aggregate supply mainly请 by勿 increasing productivity and productive capacity and so would shift 书经！红享小分 the economy’s long-run aggregate supply curve to the right. 请勿书小红分请勿整理！喵享学 46. Absolute advantage & comparative advantage 经济请勿分书！红 of a享 Absolute advantage exists when a country is able to produce 小 more certain product with 分请in勿another word, at a lower the same amount of resources compared to another country, or average cost. 整理！喵 Comparative advantage exists when a 分享 is able to produce a certain product at a lower 济学勿country 经 opportunity cost compared ！请 country. 红书 to another 小分享请勿整理 47. Terms of trade(进出口交换比) 学喵分享！济勿 of trade is an indicator measuring the numerical value of the ratio between export 请 prices 整理Terms 书经！！喵红享小分享济学分 and import prices. This could be calculated by the formula below: 请勿书经！请勿 �� 享 �� = 勿分理�� ∗ �� 整�� 喵！ When the value of terms of trade increases, suggests 分享 an increase in export prices relative to 济学it 勿经书！请 import prices and there is an 红 movement. It means that the same 享小 improvement/favourable 分勿 be able to exchange for more imported products. amount of export prices would 请now 整理！喵济学勿分享理经整书 to ！请！ of terms of trade decreases, it suggests a decrease in export prices relative When value 喵 the 红享学小分享勿分prices and there is an deterioration/unfavourable movement. It means that请the 勿same 经济请 import 书小红分享！ amount of export prices would now be able to exchange for fewer imported products. 请勿整理！喵享学 48. Protectionism 保护主义相关经济请勿分书！红 to享protect Protectionism is when governments小seek domestic industries from foreign 分勿请 competition by restricting free trade. 整学喵分济 Protectionist policies refer to any policy tools government seek to increase the price 整理！书经！请勿喵红 competitiveness of domestic industries, including tariff, quotas, embargo, subsidies and many 享学小分享经济请勿分 others. 请勿书！红享小分请勿整理！ and raise tax Import tariff is a tax imposed upon imports to discourage 学 its 喵 consumption 济勿分享经 revenue, usually called custom duty as well. 红书享！请小 Import quota is a limit on the quantity of a certain product 勿分 that can be imported. 请 Export subsidy is subsidy provided to exporters to increase export. 理经济整书！学喵分享小红分享 49. 汇率贬值济 Depreciation 勿经请请勿书 Exchange rate享is！ the price of one currency in terms of another currency. A floating exchange 红小分 rate请 is 勿 determined by market forces in the foreign exchange markets. A fall in整 the 理value of a ！喵学分享could currency caused by market forces is known as a depreciation. Such depreciation be 济勿经请整理！书 as increase caused by factors increasing supply of domestic currency, 红 such in demand for 享享！小分分勿 imports and import expenditure, or factors decreasing demand 请勿for domestic currency, such as 整理！喵享学经济请勿分书小红分享！请勿分请勿整理！喵济学勿分享经请书小红分享！ fall in the demand for this economy’s exports and export 请勿 revenue. Depreciation means that less of foreign currencies would be required to exchange the same amount of domestic 理 currency. 喵整享！红书学分小分济请勿书经！请勿红享小分 50. 汇率升值 Appreciation 勿理整exchange Exchange请 rate is the price of one currency in terms of another currency. A floating 喵学分享！济 rate is determined by market forces in the foreign exchange markets. An in the value 请勿整理！书经increase ！喵红享学分 of a currency caused by market forces is known as an appreciation. appreciation could be 小 Such 分享勿请勿请 caused by factors decreasing supply of domestic currency, such as decrease in demand for imports and import expenditure, or factors 理increasing demand for domestic currency, such as 整！ and export revenue. Appreciation means 喵享exports increase in the demand for this 学 economy’s 分济请勿be required to exchange the same amount of domestic that more of foreign 红 currencies would 书经！享小分 currency. 请勿整理！喵济学勿分享理51. 经常账户赤字与经常账户盈余经整喵享！红书享！请学小分济经常账户赤字勿分请书经！请勿 Current account of an economy’s balance of payments include all the economic activities 享勿分理 involved with money inflow or money outflow and 整recorded ！ as trade in goods, trade in services, 喵享学 primary income and secondary income. 济经请勿分书 Money flowing into the economy would create credit items and money flowing out from the 小红分享！ economy would create a debit item. When the overall value of debit items exceeds overall 请勿整理！喵 value of credit items, there would be a deficit on the current account. 济学勿分享理经整书！请喵享！红享学小勿分勿分经济请经常账户盈余请书小红分享！ Current account of an economy’s balance of payments include all the economic activities 请勿整as理 involved with money inflow or money outflow and recorded trade in goods, trade in services, 喵学分享！济 primary income and secondary income. 书经！请勿红 Money flowing into the economy would credit items and money flowing out from the 小 create 分享勿请 economy would create a debit item. When the overall value of credit items exceeds overall 整学喵分济 value of debit items, there would be a surplus on the current account. 整理！书经！请勿喵红享学小分享经济请勿分请勿书！红享小分请勿整理！喵济学勿分享经请书小红分享！请勿理经济整书！喵小红分享济学勿分享经请勿书！请红享小分请勿整理！喵济学勿分享经整理！书！请红享小分享勿分请勿整理！喵享学经济请勿分书小红分享！请勿

Economics Definitions: AS Level Study Guide

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