IGCSE Economics

2. The regular payment earned by an employee in exchange for their work.
3. A payment made by the government to support a business or reduce the price of a good or service.
4. goods Goods that are non-excludable and non-rivalrous, meaning they are available to all, like clean air.
9. A market structure where one firm controls the entire supply of a product or service.
10. The amount by which spending exceeds revenue, resulting in a shortfall.
11. The point at which supply equals demand in a market, resulting in a stable price.
12. goods Goods that are considered harmful or undesirable by society, often over-consumed.
14. Compulsory payments made by individuals or businesses to the government.
18. account A record of a country's transactions with the rest of the world, including imports and exports.
19. Economic policies that focus on increasing the supply of goods and services through incentives for producers.
22. The responsiveness of quantity demanded or supplied to a change in price.
23. ceiling A maximum price set by the government, preventing prices from rising above a certain level.

1. goods Goods that are considered beneficial for individuals and society, often under-consumed.
3. The quantity of a good or service that producers are willing to sell at different prices.
5. The rate at which the general level of prices for goods and services is rising, reducing purchasing power.
6. The quantity of a good or service that consumers are willing to buy at different prices.
7. policy Actions by a central bank to manage money supply and interest rates to control inflation and stabilize the economy.
8. The system of money used in a country, such as dollars, euros, or yen.
13. failure A situation where the market does not efficiently allocate resources, leading to a loss of economic welfare.
15. The amount by which revenue exceeds spending, leading to extra funds.
16. The amount of money you pay for a product or service.
17. policy Government decisions regarding taxation and spending to influence the economy.
20. floor A minimum price set by the government, preventing prices from falling below a certain level.
21. market The supply and demand for workers, where employers hire and employees offer their services.