An, Introduction to Economics

Brilliant glossary

APR Annual percentage rate. The rate of interest on a loan that includes compound interest and fees and charges.

appreciation When one currency rises in value against another. This makes exports pricier to outsiders but imports cheaper. Opposite of depreciation.

asset A thing that belongs to a person or a firm and which has value.

austerity Policies designed to reduce a government deficit, most usually tax rises or spending cuts.

bailout Where creditors, often including a government, put together a rescue of a bank or company that is close to bankruptcy.

balance of payments The difference between the money coming into a country over a year and the amount going out.

barter Where goods and services are exchanged without the ...