Economics

Microeconomics

Household

Goods

Services

Economic problem

Scarcity

Factors of production

Factor rewards/ Factor income

Land

Labour

Capital

Enterprise

Entrepreneur

Want

Need/ basic needs

Economy/ Economic system

Free market economy (Capitalist system)

Command economy (centrally-planned economy)

Mixed economy

Opportunity cost

Production Possibility Curve (PPC)

Trade-off

Specialisation

Division of labour

Exchange

Productivity

Nationalisation

Privatisation

Market

Demand

Notional demand

Effective demand

Supply

Determinant of demand

Determinant of supply

Demand curve

Demand schedule

Supply curve

Supply schedule

Ceteris paribus

Equilibrium (market clearing)

Equilibrium price

Equilibrium quantity

Glut (excess supply)

Shortage (excess demand)

Normal good

Inferior good

Substitute good

Complementary good

Producer surplus

Consumer surplus

Subsidy

Indirect tax

Minimum price

Maximum price

Elasticity of demand

Elasticity of supply

Cross Elasticity of Demand (XED)

Income Elasticity of Demand (YED)

Price Elasticity of Demand (PED)

Elastic

Inelastic