Scarcity

Opportunity Cost

A renewable source

A non-renewable source

PPF

Factors of production

Specialisation

Division of labour

Free market economy

Mixed economy

A positive statement

A normative statement

Market

Demand

PED

Total Revenue

XED

Substitute goods

Complimentary goods

YED

Normal goods

Inferior goods

Supply

PES

Equilibrium

Consumer surplus

Producer surplus

Price mechanism

A direct tax

An indirect tax

Subsidy

Derived demand

National Minimum Wage

Market Failure

Externalities

Private costs

Social costs

External costs

External benefits

Private benefits

Social benefits

Triangle of welfare loss

Triangle of welfare gain

Public goods

Non-rival

Non-excludability

Mobility of labour

Geographical immobility

Occupational immobility

Commodities

Emission Trading System

Buffer stock schemes

Government failure