Economics, 3rd Edition

allocative efficiency 

a resource allocation where the value of 

the output by sellers matches the value placed on that output 

by buyers

amplitude 

the difference between peak and trough and trend 

output

appreciation 

an increase in the value of a currency as measured 

by the amount of foreign currency it can buy

arbitrage 

a trade which seeks to exploit price differences in 

order to make profit through the process of buying a good in 

one market at a low price and selling it in another market at a 

higher price in order to profit from the price difference

asymmetric information 

where two parties have access to 

different information

asymmetric shocks 

a situation where changes in aggregate 

demand and/or supply differ from one country to another