Important Economic Terms & Definitions for Competitive Exams

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Important Economic Terms: Dear Aspirants, as you must be aware, Economy and Important & Fundamental Economic concepts (micro and macro) are part of the syllabus of some of the major recruitment exams such as NABARD and RBI Grade B. While a majority of the questions asked in the Economics paper for the RBI Grade B & NABARD exam are based on current affairs related to Economics, a fair number of questions are based on Basic Economic concepts.

This blog will provide you with a free e-book containing an exhaustive list of Economic terms and their definitions. We have covered over 100 terms in this e-book. This will be a great help for all your banking exams.

Important Economic Terms & Definitions: E-Book Download

Important Economic Terms and Definitions

You can find a few definitions to some important terms in economics here. For the comple

Absolute advantage: A principle that refers to the ability of an individual/firm or a country to produce more quantity of products/goods/services than their competitors, using the same amount of resources.

Adam Smith: A Scottish Economist, author and moral philosopher. Best known for his works: An Inquiry into the nature & causes of the wealth of nations in 1776 and the theory of moral sentiments in 1959.

Average revenue: Refers to the revenue received for selling a good per unit of output sold. You can find this by dividing the total revenue by the quantity sold.

Accounting profit: A company’s total earnings which include explicit costs of doing business, such as taxes, depreciation, expenses, etc. It is the total revenue of the company minus the explicit cost.

Average tax rate: Tax rate that is paid when all sources of taxable income are added and divided by the number of taxes owed.

Important Economic Terms: E-Book Sneak Peek

Take a look at what you’ll find in the free PDF of the Important Economic Term e-book:

Steps to Download Free E-Book

Step 1: Click on the download link. You will be redirected to Oliveboard’s FREE E-Books Page.

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Step 3: Download the book by clicking on the link presented on the page.


We hope the above Economics Preparation guide helps you in various bank and regulatory recruitment exams. Save this as a PDF and use it as a handy guide for your preparation.

Further reading:

Economic & Social Issues [ESI] Preparation Guide for NABARD Exam
Agriculture & Rural Development [ARD] Preparation Guide for NABARD Exam
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3) SEBI Grade A IT Officer Posts
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