Mr. Smith's Class

Vocabulary Terms

Basic Economic Concepts

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Terms

Absolute advantage
Aggregate output
Allocative efficiency
Behavioral economics
Black market
Business cycle
Capital
Capital goods
Ceteris paribus
Change in demand
Change in supply
Command economy
Communism
Comparative advantage
Competitive market
Consumer goods
Deflation
Demand curve
Depression
Economic aggregates
Economic growth
Economic system
Economics
Economy
Efficient
Employment
Entrepreneurship
Equilibrium
Equilibrium price
Equilibrium quantity
Expansions
Factors of production
Full employment
Gains from trade
Incentives
Individual choice
Inflation
Investment
Labor
Labor force
Land
Law of demand
Law of increasing marginal opportunity cost
Law of supply
Macroeconomics
Marginal analysis
Marginal benefit
Marginal cost
Market economy
Market-clearing price
Microeconomics
Minimum wage
Mixed economy
Model
No free lunches
Normative economics
Opportunity cost
Other things equal assumption
Output
Positive economics
Price stability
Production frontier
Production possibilities curve
Production possibilities table
Productive efficiency
Property rights
Quantity demanded
Quantity supplied
Recession
Resource
Scarce
Scarcity
Shortage
Socialism
Specialization
Supply and demand model
Supply curve
Surplus
Technology
Terms of trade
TINSTAAFL
Trade
Trade-off
Traditional economy
Unemployment
Unemployment rate
Utility