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20 Terms

1

Optimization

Choosing the best feasible option given the situation and available information.

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2

Economic Agent

Any person or group of people making decisions or choices.

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3

Total Value Method

Calculates the overall benefits of each option minus the costs to determine the best choice.

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4

Marginal Analysis

Evaluates the change in total value when switching from one option to another to find the best choice.

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5

Ceteris Paribus

A Latin phrase meaning 'all other things being equal' used in economics to focus on the relationship between two specific variables.

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6

Supply and Demand Analysis

The study of how market supply and consumer demand determine prices and quantities of goods.

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7

Demand Schedule

A table that shows the quantity of a good that buyers are willing and able to purchase at different prices.

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8

Homogeneous Product

A product that is identical across different suppliers, making them substitutable.

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9

Quantity Demanded

The amount of a good that buyers are willing and able to purchase at a specific price.

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10

Market Demand Curve

A graph showing the total quantity of a good demanded by all consumers at various prices.

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11

Inverse Relationship

A relationship where as one variable increases, the other decreases, evident in the demand curve.

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12

Demand Curve Shift

A change in the demand curve indicating a change in demand, caused by factors other than the price of the good.

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13

Market Equilibrium

The price point where the quantity of a good demanded equals the quantity supplied.

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14

Opportunity Cost

The cost of choosing one option over another, measured by the value of the next best alternative.

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15

Marginal Benefit

The additional benefit received from consuming one more unit of a good.

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16

Elastic Demand

When the quantity demanded of a good changes significantly with price variation.

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17

Inelastic Demand

When the quantity demanded of a good changes little with price variation.

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18

Price Expectation

Consumers' expectations regarding future prices that can influence current demand.

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19

Commuting Cost

The total cost associated with traveling to work or school, including time and transportation expenses.

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20

Scarcity

Limited availability of resources relative to the unlimited wants of consumers, leading to choices.

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