Economics Vocabulary List One
Economics Vocabulary List Two
shortage
factors of production
land
labor
capital
human capital
physical capital
need
want
scarcity
economics
entrepreneur
goods
services
market
opportunity costs
cost/benefit analysis
thinking at the margin
economic system
centrally planned economy
mixed economy
free market economy
safety net
economic transition
traditional economy
free enterprise system
production possibilities curve
production possibilities frontier
efficiency
underutilization
law of increasing cost
specialization
household
firm
factor market
profit
product market
invisible hand
public good
externality
demand
law of demand
substitution effect
income effect
market demand schedule
normal good
inferior good
complementary goods
substitute goods
elasticity of demand
inelastic
elastic
unitary elastic
supply
law of supply
quantity supplied
market supply schedule
elasticity of supply
total revenue
fixed cost
variable cost
total cost
average cost
marginal cost
marginal revenue
operating cost
excise tax
marginal product of labor
subsidy
regulation
equilibrium
disequilibrium
shortage
surplus
price ceiling
price floor
inventory