Market

(Effective) Demand

Substitutes

Complements

Normal good

Inferior good

Movements along a curve, contraction, expansion

Supply

Choice

Consumer goods

Explicit costs

Factors of Demand
(PIRATES)

P of Pirates

I of PIRATES

R of PIRATES

A of PIRATES

T of PIRATES

E of PIRATES

S of PIRATES

Factors of production
(CELL)

C of Cell

E of CELL

L of CELL

L of CELL

Free goods

Free Market System

Implicit costs

Income effect

Substitution effect

Diminishing marginal returns

Law of demand

Law of increasing opportunity costs

Law of supply

Market Equilibrium

Opportunity Cost

PPC

Price mechanism

Private sector

Public sector

Scarcity

Supply shifters
(TIGRESS)

T of TIGRESS

I of TIGRESS

G of TIGRESS

R of TIGRESS

E of TIGRESS

S of TIGRESS

S of TIGRESS

Price Elasticity of Demand (PED)

PED Values

Determinants of PED (THIS)

T of THIS

H of THIS

I of THIS

S of THIS

Relationship between PED and total revenue

Cross Elasticity of Demand (XED)

Complements

Substitutes

XED Values

Income elasticity of demand (YED)

Normal goods (in the context of YED)

Inferior goods (in the context of YED)

Luxury goods (in the context of YED)

Price elasticity of supply (PES)

YED values

PES values

Determinants of PES (TICS)

T of TICS

I of TICS

C of TICS

S of TICS

Indirect tax

Specific tax

Ad valorem tax

Subsidy

Price ceiling/Maximum price

Price floor/Minimum price

Market failure

Externalities

Marginal private benefit (MPB)

Marginal private cost (MPC)

Negative externalities/External costs

Positive externalities/External benefits

Marginal social benefit (MSB)

Marginal social costs (MSC)

Demerit goods