OCR · GCSE · J205
Economics — Keywords & Key Terms — Definitions Glossary (2026)
OCR GCSE (9-1) Economics (J205)
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.
OCR GCSE Economics (J205)
OCR GCSE Economics (J205)
OCR GCSE (9-1) Economics (J205)
Aligned to OCR GCSE Economics J205: introduction to economics, the role of markets and money, economic objectives and the role of government, and international trade and the global economy.
Mark schemes: OCR mark schemes reward precise economic vocabulary, accurate use of supply and demand diagrams, and balanced evaluation supported by data or context where given.
Active recall: 0 / 20 terms ticked
| Recalled | Topic | Level | Keyword | Definition |
|---|---|---|---|---|
| 1. Markets & demand | Essential | Demand | Quantity of a good consumers are willing and able to buy at a given price. | |
| 1. Markets & demand | Essential | Supply | Quantity of a good producers are willing and able to sell at a given price. | |
| 1. Markets & demand | Core | Equilibrium price | Price at which quantity demanded equals quantity supplied. | |
| 1. Markets & demand | Core | Price elasticity of demand (PED) | Responsiveness of demand to price change: %ΔQd / %ΔP. | |
| 1. Markets & demand | Advanced | Market failure | When the free market misallocates resources, e.g. due to externalities. | |
| 2. Production & costs | Essential | Factors of production | Inputs used to produce goods and services: land, labour, capital, enterprise. | |
| 2. Production & costs | Essential | Opportunity cost | Value of the next best alternative given up when a choice is made. | |
| 2. Production & costs | Core | Total revenue | Price × quantity sold by a firm. | |
| 2. Production & costs | Core | Profit | Total revenue minus total cost; profit = TR − TC. | |
| 2. Production & costs | Advanced | Economies of scale | Reduction in average cost as a firm increases its scale of output. | |
| 3. Macroeconomy | Essential | GDP | Gross domestic product; total value of goods and services produced in an economy in a period. | |
| 3. Macroeconomy | Core | CPI inflation | Sustained rise in the general price level measured by the consumer price index. | |
| 3. Macroeconomy | Core | Unemployment | People able and willing to work but who do not have a job. | |
| 3. Macroeconomy | Core | Economic growth | Increase in real GDP over time. | |
| 3. Macroeconomy | Advanced | Aggregate demand | Total planned spending on an economy's goods and services at a given price level. | |
| 4. Money & finance | Essential | Money | Medium of exchange that is also a store of value and unit of account. | |
| 4. Money & finance | Core | Fiscal policy | Government use of taxation and spending to influence the economy. | |
| 4. Money & finance | Core | Monetary policy | Central bank use of interest rates and money supply to influence the economy. | |
| 4. Money & finance | Core | Interest rate | Cost of borrowing or reward for saving, expressed as a percentage. | |
| 4. Money & finance | Advanced | Exchange rate | Price of one currency in terms of another. |
Pair this with our revision checklists, formula sheets hub and past paper finder.
Economics (J205) — Keywords & Key Terms FAQ
- What is on this OCR GCSE Economics keywords and key terms list?
- It is a topic-organised glossary of important economics terms with short, exam-style definitions aligned to OCR GCSE (9-1) Economics (J205) (J205). 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 GCSE Economics (J205) 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 J205 specification?
- Topic groupings and wording follow OCR GCSE (9-1) Economics (J205) for OCR GCSE. 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 GCSE, separate from longer notes or topic trackers.