Economics key terms H-I

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Hard currency

  • Money people can trust. A hard currency is expected to retain its value, or even benefit from appreciation, against softer currencies.


  • Reducing your risks.


  • Involves deliberately taking on a new risk that offsets an existing one, such as your exposure to an adverse change in an exchange rate interest rate or commodity price.  

Horizontal equity

  • A way to keep taxation fair. It means that people with a similiar ability to pay taxes should pay the same amount. 

Horizontal integration

  • Two firms merging that are similar.

Human capital

  • The stuff that enables people to earn a living. Human capital can be increased by investing in education, training and health care.


  • Interantional monetary fund, referee and rescuer of the world's financial system.


  • The purchase of foreign goods and services.


  • The flow of money to the factors of production: wages to labour: profit to enterprise and capital: interest also to capital: and rent to land.

Income demand

  • A change in the demand for a good or service caused by a change in the income of consumers, rather than a change in interest rates.



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