IGCSE Economics Glossary Terms - M

The study of the whole economy.

• Microeconomics

• Macroeconomics

• Economy economics

• Whole economics

The goals a government wishes to achieve for the economy as a whole at a national and international level.

• Macroeconomic aims

• Macroeconomic goals

• Macroeconomic targets

• Macroeconomic hopes

Where many buyers and many sellers come together

• Classroom

• Gathering

• Market

• Party

Where the quantity demanded by consumers and the quantity supplied by producers are not equal.

• Market unbalance

• Market inequality

• Market disequilibrium

• Market equlibrium

A system with prices that are based on competition between private sector businesses; markets are not controlled by the government.

• Market price system

• Market government system

• Market business system

• Market economic system

Where the quantity demanded by consumers and the quantity supplied by producers are equal.

• Market equilibrium

• Market equality

• Market balance

• Market level

A situation where the economy's resources are not efficiently allocated: the market does not produce the goods and services that consumers most want and in a quantity that is required.

• Market shortage

• Market inefficiency

• Market lack

• Market failure

Prices are not permitted to rise above a certain level set by the government

• Maximum price control

• Minimum price control

• Maximum payment level

• Minimum payment level

The idea that money allows the value of different goods and services to be compared.

• Measure of goods

• Measure of value or unit of account

• Measure of services

• Unit of goods and services

Anything that sets the standard of value of goods and services and is acceptable to all parties involved in a transaction.

• Money

• Gold

• Medium of exchange

• Stocks