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Demand
quantities of a product that buyers are willing and able to buy at varies prices per period of time, ceteris paribus
Supply
quantities of a product that firms are willing and able to sell at various prices per period of time, ceteris paribus
Consumer surplus
measure of consumer welfare
Producer surplus
measure of producer surplus
PED
measures the responsiveness of quantity demanded to changes in the price of the good
YED
measures the responsiveness of quantity demanded to a change in income
XED
measures the responsiveness of quantity demanded of product X following a changed in the price of product Y
PES
measures the responsiveness of quantity supplied to changes in the price of the good itself
Indirect tax
a tax imposed on expenditure
Subsidy
payment given by the government to encourage the production or consumption of a particular good or service
Deadweight loss
decrease in consumer and producer surplus that results from an inefficient level of production, loss in total welfare
Note 
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