Microeconomics

  1. Scarcity: Limited resources compared to people's unlimited wants.

  2. Trade-offs: Giving up one thing to get something else.

  3. Utility: The satisfaction or benefit gained from consuming a good or service.

  4. Demand: The amount consumers are willing and able to buy at different prices.

  5. Supply: The amount producers are willing and able to sell at different prices.

  6. Elasticity: How much supply or demand changes when prices change.

  7. Incentives: Rewards or consequences that influence economic decisions.

  8. Perfect Competition: A market with many buyers and sellers offering identical products.

  9. Monopoly: A market controlled by one seller with little or no competition.

  10. Oligopoly: A market dominated by a small number of large sellers.

  11. Negative Externality: A harmful side effect of an economic activity that affects others (ex: pollution).

  12. Market Failure: When a market fails to distribute resources efficiently.