Pearson Edexcel · International A Level · WEC01–WEC04
Economics — Keywords & Key Terms — Definitions Glossary (2026)
Pearson Edexcel International A Level Economics
Topic-by-topic keywords, key terms and definitions for precise exam language—separate from our revision checklists (topic coverage) and formula sheets (equations).
Keywords & Key Terms — definitions
Examiner-style keywords and definitions organised by syllabus topic. Terms are tagged Essential (start here), Core (typical exam standard), and Advanced for harder distinctions — tick each row when you can recall it. Your progress is saved in this browser for this list.
Pearson Edexcel International A Level Economics (WEC01–WEC04)
Pearson Edexcel International A Level Economics (WEC01–WEC04)
Pearson Edexcel International A Level Economics
Pearson International A Level Economics (WEC01–WEC04) develops microeconomics (markets, consumer behaviour, labour, market structures, market failure), macroeconomics (macroeconomic indicators, AD/AS, policies, financial sector), and the global economy (trade, exchange rates, globalisation, development). Assessment includes multiple-choice, short written, data response and essay-style tasks.
Mark schemes: Essays: definitions, diagrams with shifts labelled, two-sided analysis, evaluation (context, time, stakeholders) and conclusion. Data response: refer to figures and extract text explicitly. Diagrams: distinguish movement along a curve from shift of curve.
Active recall: 0 / 36 terms ticked
| Recalled | Topic | Level | Keyword | Definition |
|---|---|---|---|---|
| Demand, supply & market outcomes | Core | Demand curve | Relationship between price and quantity demanded — ceteris paribus. | |
| Demand, supply & market outcomes | Core | Supply curve | Relationship between price and quantity supplied. | |
| Demand, supply & market outcomes | Core | Market equilibrium | Where plans of buyers and sellers match. | |
| Demand, supply & market outcomes | Core | Consumer surplus | Area below demand and above price. | |
| Demand, supply & market outcomes | Core | Producer surplus | Area above supply and below price. | |
| Demand, supply & market outcomes | Core | PED, PES, XED, YED | Elasticities — determinants and applications. | |
| Demand, supply & market outcomes | Core | Incidence of tax | Depends on relative elasticities — burden sharing. | |
| Market failure & government intervention | Core | Externality | Third-party spillover — positive or negative. | |
| Market failure & government intervention | Core | Marginal private vs social cost/benefit | Social optimum where MSC = MSB. | |
| Market failure & government intervention | Core | Public goods | Non-excludable and non-rival — free rider problem. | |
| Market failure & government intervention | Core | Information asymmetry | Moral hazard; adverse selection — overview. | |
| Market failure & government intervention | Core | Indirect tax / subsidy | Corrects externalities if set at marginal external cost/benefit. | |
| Market failure & government intervention | Advanced | Tradeable pollution permits | Cap-and-trade systems. | |
| Theory of the firm & markets | Core | Revenue curves | MR below AR for downward demand. | |
| Theory of the firm & markets | Core | Costs | Fixed, variable, total, average, marginal — short vs long run. | |
| Theory of the firm & markets | Core | Perfect competition | P = MC; productive and allocative efficiency in long run. | |
| Theory of the firm & markets | Core | Monopoly | Single seller; downward demand; potential deadweight loss. | |
| Theory of the firm & markets | Core | Monopolistic competition | Differentiated products; excess capacity in long run. | |
| Theory of the firm & markets | Core | Oligopoly | Interdependence; game theory basics; collusion vs competition. | |
| Theory of the firm & markets | Advanced | Price discrimination | Markets separated; different elasticity of demand. | |
| Macroeconomics — AD/AS & policy | Core | Circular flow | Injections = withdrawals in equilibrium. | |
| Macroeconomics — AD/AS & policy | Core | AD components | C + I + G + (X − M). | |
| Macroeconomics — AD/AS & policy | Core | SRAS / LRAS | Short-run upward sloping; long-run vertical at potential output. | |
| Macroeconomics — AD/AS & policy | Core | Economic growth | Increase in real GDP; actual vs potential. | |
| Macroeconomics — AD/AS & policy | Core | Inflation | CPI/RPI; demand-pull vs cost-push. | |
| Macroeconomics — AD/AS & policy | Core | Unemployment | Claimant, ILO definitions; natural rate. | |
| Macroeconomics — AD/AS & policy | Core | Fiscal policy | Government spending and taxation. | |
| Macroeconomics — AD/AS & policy | Core | Monetary policy | Interest rates and transmission to AD. | |
| Macroeconomics — AD/AS & policy | Advanced | Phillips curve | Short-run trade-off; expectations-augmented long-run vertical. | |
| International & development economics | Core | Comparative advantage | Specialise where opportunity cost lowest. | |
| International & development economics | Core | Terms of trade | Export price index ÷ import price index. | |
| International & development economics | Core | Trade restrictions | Tariffs, quotas, embargoes — welfare effects. | |
| International & development economics | Core | Exchange rate | Floating vs managed/fixed systems — simplified. | |
| International & development economics | Core | Balance of payments | Current, capital and financial accounts. | |
| International & development economics | Core | Development indicators | GDP per capita, HDI, income inequality measures. | |
| International & development economics | Core | Globalisation | Trade, capital flows, migration — benefits and costs. |
Pair this with our revision checklists, formula sheets hub and past paper finder.
Economics (WEC01–WEC04) — Keywords & Key Terms FAQ
- What is on this Pearson Edexcel International A Level Economics keywords and key terms list?
- It is a topic-organised glossary of important economics terms with short, exam-style definitions aligned to Pearson Edexcel International A Level Economics (WEC01–WEC04). It is designed for “define”, “state”, “outline” and “explain” questions where precise vocabulary earns marks.
- How should I use this Economics glossary alongside past papers?
- Tick terms when you can recall them without reading the answer, then check your wording against mark schemes. Pair vocabulary practice with past papers for International A Level Economics (WEC01–WEC04) so you apply terms in context.
- Is this the same as a revision checklist or a formula sheet?
- No. Revision checklists help you track which syllabus topics you have covered and your confidence—separate pages on Tutopiya. Formula sheets summarise equations and quantitative relationships. This page is only a definitions and key-terms glossary for Economics.
- Can I download this Economics keywords and key terms list for free?
- Yes. After a quick free sign-up you can download a UTF-8 CSV (opens in Excel or Google Sheets) or open a print-friendly page and save as PDF. Browsing the list on the page is free.
- Is this Economics list aligned to the WEC01–WEC04 specification?
- Topic groupings and wording follow Pearson Edexcel International A Level Economics for Pearson Edexcel International A Level. Always confirm final learning objectives and any regional options in your official specification and recent examiner reports for your exam session.
- Why focus on definitions instead of full notes?
- Mark schemes reward correct technical terms and clear links between ideas. A compact glossary lets you drill the exact language examiners expect for Economics at International A Level, separate from longer notes or topic trackers.