What Is...?

This is an occasional series of short additions to the Biz/ed Glossary covering some basic concepts in business and economics. It aims to help Level 2 and Level 3 students understand common terms within business and economics a little more thoroughly. Often, a basic definition offers little to a student looking for the context in which to place the word. This series helps students via the use of specific examples, along with explanatory diagrams and images.

Pages in the Series

• Economies of Scale
• Total Costs vs Average/Unit Costs
• Multiplier
• Accelerator Principle
• Price and Costs
• Wealth Creation