Intro to Economics and Mathematics Vocabulary (Lecture Notes)

Vocabulary flashcards covering core economics concepts and introductory math topics (functions, slopes, area) from the lecture notes.

Economics

The study of how societies allocate scarce resources to satisfy wants.

Scarce resources

Resources with finite availability, such as time and labor.

Microeconomics

The branch of economics focusing on households and firms and their decisions.

Macroeconomics

The branch of economics focusing on economy-wide variables like inflation, growth, and unemployment.

Labor/time as a scarce resource

Time is limited; how it is allocated affects decisions and outcomes in economics.

Market concentration

The degree to which a small number of firms dominate prices and output in an industry.

Monopoly power

The ability of a firm (or a few firms) to set prices due to limited competition.

Externalities

Unintended effects of a market transaction on third parties not reflected in prices.

Airbnb effect

The local housing market impact from short-term rentals affecting nearby property values.

Econometrics

The field of economics that uses coding, models, and regression to analyze data.

Data scientist

A professional who uses statistics and programming to extract insights from data.

Function

A relation that maps each input x to a unique output y, written as y = f(x).

Input

The independent variable fed into a function (commonly x).

Output

The dependent variable produced by a function (commonly y).

Slope

The rate of change of the output with respect to the input; in y = mx + b, m is the slope.

Intercept

The value of y when x = 0; the starting value of a linear function.

Linear function

A function with a constant slope, of the form y = mx + b.

Slope-intercept form

The linear equation y = mx + b that highlights slope m and intercept b.

Systems of equations

Two or more equations sharing a common variable; their solution is where the graphs intersect.

Intersection

The point where two graphs cross; for systems, the solution where equations are equal.

Area between curves

The region between two curves, often computed as area via geometry or integration.

Base (triangle)

The reference length used to compute the area of a triangle.

Height (triangle)

The perpendicular distance from the base to the opposite vertex in a triangle.

Triangle area formula

Area = (1/2) × base × height.

Negative slope

A slope less than zero; indicates an inverse relationship between variables.

3x5 note card

A small 3×5 inch card used to organize formulas and identities for study.