Definitions

Profit

Opportunity cost

Economic goods

Free goods

Factor market

Renewable resources

Free market economy

PPB

Productive efficiency

Allocative efficiency

Productivity

Human capital

Division of labour

Specialisation

Value judgements

Normative statements

Positive statements

Demand

Effective demand

Market demand

Contractions in demand

Extensions in demand

Normal goods

Inferior goods

Complementary products

Composite demand

Supply

Planned supply

Actual supply

Market supply

Extension in supply

Contraction in supply

Joint supply

Equilibrium

Disequilibrium

Excess supply

Market-clearing price

Excess demand

Maximum price

Minimum price

Price elasticity of demand

Subsidies

Incidence of tax

Price elasticity of supply

Income elasticity of demand

Normal goods

Inferior goods

Substitutes

Commodity

Investment good

Sustainable

Market failure

Government failure

Buffer stocks

Inflationary pressure

Negative externalities

Production

Fixed costs

Variable costs

Economies of scale

Diseconomies of scale

Competition

Externalities

Marginal private cost

Marginal external cost

Marginal social cost

Marginal private benefit

Marginal external benefit

Positive externality

Marginal social benefit

Ex ante

Ex post

Merit good

Failure of information

Partial market failure

Demerit good

Public good

Free-rider problem

Quasi-public good

Private good

Complete market failure

Occupational immobility

Geographical immobility

Income

Wealth

Indirect tax

Pollution permit

Law of unintended consequences

Inflation