Catanomics

Scarcity

the tension between infinite wants and finite resources

Surplus

amount of something left over after requirements have been met

Macroeconomics

the study of economics on a nationwide scale

Microeconomics

In the realm of microeconomics, the object of analysis is a single market—for example, whether price rises in the automobile or oil industries are driven by supply or demand changes.

Supply

the total amount of goods and services that is available to customers

Demand

an economic concept that relates to a consumer's desire to purchase goods and services and willingness to pay a specific price for them

Opportunity cost

whatever you give up to do something

Monopoly

a single seller, selling a unique product in the market

Civilization

Economics is the understanding of “the production, distribution and consumption of goods and services.” This understanding was a lot easier in olden times when things were distributed via barter (“I have a daughter and you have some goats; let's trade.")