This glossary lists SPM Economics terms with their Bahasa Melayu equivalents, one example each, and the term it is most easily confused with. Use it with the SPM Economics learning guide when a word in a question or a diagram label is not clear.
Terms follow the wording used in Malaysian textbooks. Confirm the exact wording your paper uses with your teacher.
Core ideas
| English term | Bahasa Melayu | Example | Confused with |
|---|---|---|---|
| Scarcity | Kekurangan | Two hours of study time and four subjects to revise | Shortage, which is a market gap at a price |
| Opportunity cost | Kos lepas | Choosing a part-time shift means giving up a revision hour | Money cost, which is only the price paid |
| Needs and wants | Keperluan dan kehendak | Food is a need, a third pair of shoes is a want | Luxuries, which differ from person to person |
| Ceteris paribus | Semua faktor lain tetap | Only the price changes while income and tastes stay fixed | Ignoring other factors, when in fact they are held fixed |
| Production possibility curve | Keluk kemungkinan pengeluaran | A farm choosing between 40 kg of rice and 20 kg of vegetables | Demand curve, which shows buyers |
Markets and prices
| English term | Bahasa Melayu | Example | Confused with |
|---|---|---|---|
| Demand | Permintaan | Buyers want 100 cups at RM5 | Quantity demanded, which is one point on the curve |
| Supply | Penawaran | Sellers offer 120 cups at RM5 | Quantity supplied, one point on the curve |
| Movement along a curve | Pergerakan sepanjang lengkung | Price of the good falls, buyers move down the demand curve | Shift of the curve |
| Shift of a curve | Anjakan lengkung | Income rises so demand is higher at every price | Movement along a curve |
| Equilibrium | Keseimbangan | The price at which 100 cups are demanded and supplied | Fixed price, which is set by someone |
| Elasticity | Kekenyalan | A 10% price rise cuts quantity by 20% | Slope of the curve, which changes with units |
Money and the economy
| English term | Bahasa Melayu | Example | Confused with |
|---|---|---|---|
| Inflation | Inflasi | The same basket costs RM105 after costing RM100 | High price, which is a level, not a rate |
| Nominal value | Nilai nominal | Wage of RM3 000 in the payslip | Real value, which adjusts for prices |
| Real value | Nilai benar | The same RM3 000 when prices have risen 5% | Nominal value |
| Unemployment | Pengangguran | A person who wants a job and is searching but has none | Underemployment, which is working fewer hours than wanted |
| Exchange rate | Kadar pertukaran | RM1 = B$0.20 | Interest rate, which is the price of credit |
| Tariff | Tarif | A tax added to an imported item at the border | Quota, which limits quantity |
| Balance of payments | Imbangan pembayaran | A record of a country’s dealings with the rest of the world | Budget, which records government income and spending |
Policy words
| English term | Bahasa Melayu | Example | Confused with |
|---|---|---|---|
| Fiscal policy | Dasar fiskal | Changes in government spending and taxes | Monetary policy, run through money and interest rates |
| Policy objective | Objektif dasar | Keeping the price of bread stable | Instrument, the tool used to reach it |
| Policy instrument | Instrumen dasar | A subsidy to flour millers | Objective |
Question words
Question words tell you what to write. The same topic gets a different answer under each one.
| English | Bahasa Melayu | What to write |
|---|---|---|
| State | Nyatakan | A short answer, a word or one sentence |
| Explain | Jelaskan | A cause, a mechanism and an effect |
| Compare | Bandingkan | Similarity or difference on the same point |
| Calculate | Hitung | Formula, working and unit |
| Justify | Berikan justifikasi | A reason supported by evidence given in the question |
For a longer BM and English bridge with Chinese explanations, see the terminology bridge tool. To see the words used in a full answer, try distinguishing a movement along a curve from a shift.
If you want a teacher to drill the pairs you mix up, see online one-to-one Economics tuition.