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The Complete Idiot's Guide to Global Economics by Gregory Rehmke, Craig Hovey

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Appendix A

Glossary

ability to pay principle Principle stating those with greater wealth should pay a higher percentage in taxes than those with less wealth.
absolute advantage When a country can produce a good more cheaply than another country.
allocative efficiency When resources have been divided and utilized to produce the array of goods and services most desired by consumers.
anti-dumping duty A charge levied on a good that is judged to be selling below its cost to produce.
appreciate When a currency’s buying power goes up.
asset market approach Using interest rates and expected movements in exchange rates to help decide which currencies to invest in.
balance of payments The record of the monetary transactions between the residents of ...

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