What is economics?
Economics is the study of how individuals and societies allocate scarce resources to satisfy unlimited wants.
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Key Terms
Term
Definition
What is economics?
Economics is the study of how individuals and societies allocate scarce resources to satisfy unlimited wants.
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Define 'supply and demand'.
Supply and demand are economic models that determine the price of goods and services in a market.
What is a market equilibrium?
Market equilibrium is the point where the quantity demanded equals the quantity supplied, resulting in a stable market price.
What are the four types of market structures?
The four types of market structures are perfect competition, monopolistic competition, oligopoly, and monopoly.
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What is GDP?
Gross Domestic Product (GDP) is the total value of all goods and services produced within a country in a specific period.
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Explain 'opportunity cost'.
Opportunity cost is the value of the next best alternative foregone when making a decision.
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| Term | Definition |
|---|---|
What is economics? | Economics is the study of how individuals and societies allocate scarce resources to satisfy unlimited wants. |
Define 'supply and demand'. | Supply and demand are economic models that determine the price of goods and services in a market. |
What is a market equilibrium? | Market equilibrium is the point where the quantity demanded equals the quantity supplied, resulting in a stable market price. |
What are the four types of market structures? | The four types of market structures are perfect competition, monopolistic competition, oligopoly, and monopoly. |
What is GDP? | Gross Domestic Product (GDP) is the total value of all goods and services produced within a country in a specific period. |
Explain 'opportunity cost'. | Opportunity cost is the value of the next best alternative foregone when making a decision. |
What is inflation? | Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. |
Define 'monetary policy'. | Monetary policy involves the management of money supply and interest rates by central banks to control inflation and stabilize currency. |
What is fiscal policy? | Fiscal policy refers to government spending and tax policies used to influence economic conditions. |
What is the law of diminishing returns? | The law of diminishing returns states that adding more of one factor of production, while holding others constant, will eventually yield lower per-unit returns. |