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UPDATED 2024 Edexcel A-Level Economics A: Definitions
Absolute advantage - When a country's output of a product per unit of input is greater than that of any other country. Absolute poverty - When a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) - The total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. Aggregate Supply (AS) - The total amount of goods and services that can be supp...
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Absolute advantage - When a country's output of a product per unit of input is greater than that of any other country. Absolute poverty - When a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) - The total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. Aggregate Supply (AS) - The total amount of goods and services that can be supp...
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