transfer earnings
and economic
rent in labour markets
209–10
transition
characteristics of economic
25–6
transmission, monetary
255
transmission of preferences
63
traps
development
233
,
238
liquidity
257–8
poverty
201
trends, unemployment
243
unemployment
consequences of
242–3
defi nition, causes and rates of
241–2
diffi
culties of measuring
243–4
link with infl ation
267–8
patterns and trends
243
policies to correct
244
refl ationary fi scal measures to
correct
244
unions
customs
105–6
economic
106–7
trade
210–12
unit elasticity
46
universal benefi ts
201
urbanisation
classifi cation of economies according
to
238–9
utility
and
marginal utility
145–6
values
distinction between real and money
86–9
relationship between internal and
external monetary
266
variable costs
152
vertical integration
176
volumes, sales
maximization of as objective of
fi rms
180–81
voluntary export restraints
109
wages
determination in imperfect markets
210–12
determination in perfect markets
208–10
‘wants,’ unlimited
14–15
wealth
policies for redistribution of income
and
201–3
vs. income as driver for government
intervention
199–200
welfare, measurable economic (MEW)
231
withdrawals and leakages
249–50
World Bank
defi nition and purpose
234
role in
aiding economic development
261
x-ineffi
ciency
173
supply, aggregate
components
82–3
interaction with aggregate
demand
84–5
see also
curves, aggregate supply
supply side policies
aims and types of macroeconomic
116–18
to correct balance of payments
disequilibrium
121–2
see also factors infl uencing e.g.
defl ation;
infl ation
surpluses
conditions of existence of consumer
63–4
conditions of existence of producer
64–5
sustainability
defi nition and characteristics
219
see also factors impacting e.g.
development,
economic
switching
of balance of payments
disequilibrium
119–20
systems, legal
role in aiding economic development
261
systems, price
and microeconomy
38–67
targets, infl ation
265
tariff s
108
taxation
canons of
70
reducing inequality and redistributing
wealth
201
signifi cance as government
intervention
68
,
70–73
see also type e.g.
ad
valorem tax
;
income
tax; indirect taxes
;
progressive taxation;
regressive taxation
;
specifi c tax
thrift , paradox of
250
time
infl uence on production
18
Tinbergen’s rule
269
total currency fl ow
255
total utility
145
trade
classifi cation of developing economies
according to external
238
cycles of and gaps in output
221–2
purpose and role of international
258–9
trade, terms of
absolute and comparative advantage
in
102–4
benefi ts
of free trade
104–5
causes and impact of changes in
101
features
100–101
protection processes
108–11
see also
specifi c features e.g
.
blocs, trade
;
creation, trade
;
diversion, trade
trade unions
role in wage determination
210–12
trade weighted exchange rates
95
transactions motive
256
transfer (payments transfer)
74
services
classifi cations of
33–4
provision reducing inequality and
redistributing wealth
201–3
see also
goods
shadow economy
227
shadow prices
139
shift s
demand curve
56–9
supply curve
59–60
shoe leather costs
88
,
89
short-run
aggregate supply
82–3
small and medium enterprises (SMEs)
159
social costs and benefi ts
135–6
specialisation
in production of goods
19
specifi c tax
60
speculative motive
254
spending
see
expenditure
stabilization, automatic
115
standards, living
indicators of
230–32
performance over time and between
countries
226–8
role of national statistics in judging
224–5
see also factors impacting e.g.
gross domestic
product; gross national income; gross
national product
statements,
positive and normative
18–19
statistics, income
role in judging economic
performance
224–5
strategies, pricing
see
prices and pricing
structural budget defi cits
116
structural unemployment
242
structures, economic
classifi cation of economies according
to
234–5
structures, market
defi nition, models and stages of
159–60
see also factors aff ecting e.g.
competition
structures, production
globalisation and
149–50
subsidies
signifi cance as government
intervention
68
,
73–4
of exports as method of protection
109
defi nition and use by government
44
substitute goods
41
substitution
eff ect
147
marginal rate of
148
use of inference
curves in deciding eff ect
of
148
supply
defi nitions and types
42
,
61
factors infl uencing
43–4
interaction with demand
55–6
of labour
205
sources of money
253–5
see also
curves, supply; elasticity
;
price
elasticity of supply; schedules
286
Cambridge International AS and A Level Economics
Acknowledgements
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e author and publishers acknowledge the following
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Text sources
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Reproduced by permission of Cambridge International
Examinations: p66 Q1 Cambridge International AS and
A Level Economics 9708 Paper 2 Q2 October/November
2007; p113 Q 1 Cambridge International AS and A Level
Economics 9708 Paper 23 Q4 October/November 2012,
Q2 Cambridge International AS and A Level Economics
9708 Paper 23 Q4 October/November 2012, Q3
Cambridge
International AS and A Level Economics 9708 Paper 22
Q1 October/November 2011; p128 Q3 Cambridge
International AS and A Level Economics 9708 Paper 21
Q1 May/June 2012; p215 Q3 Cambridge International
AS and A Level Economics 9708 Paper 41 Q4 October/
November 2012; p263 Q3 Cambridge International AS
and A Level Economics 9708 Paper 41 Q1 May/June 2011,
Q4 Cambridge International AS and A Level Economics
9708 Paper 41 Q7 May/June 2011; p272 Q1 Cambridge
International AS and A Level Economics 9708 Paper 41 Q6
May/June 2011; p277 Table 11.1 Cambridge International
AS and A Level Economics 9708 Syllabus.
p26 Daily Telegraph 16 Nov 2013; p39 Express Tribune
5 Sept 2013; p66 Q3 reproduced by permission of OCR;
p70 Th
e Standard Kenya 17 Sept 2011; p77 Asia News
Network 3 January 2014; p198 Th
e Express Tribune 30 July
2012 (Farooq Tirmiz); p210 Th
e Guardian 8 August 2013
(J. Clay).
CD ROM
Th
e two lakh car-just what India needs / Th
e Independent
22 June 2007 and South China Morning Post 2010; Smog-
weary Chinese vent / Daily Telegraph 26 February 2014.
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