EPF

 -  Scarcity : Limited resources vs. unlimited wants

  -  Opportunity Cost : Next-best alternative given up

  -  Trade-Off : Gaining one benefit by sacrificing another

  -  Traditional Economy : Based on customs & traditions

  -  Command Economy : Gov't decides all production

  -  Market Economy : Individuals/businesses decide via supply & demand

  -  Mixed Economy : Blend of market & gov't control

  -  Resource Allocation : How scarce resources are distributed

  -  Factors of Production : Inputs used in economics to create goods and services

  -  Market Structure : Organization of markets & competition

  -  Perfect Competition : Many sellers identical products

  -  Monopolistic Competition : Many sellers varied products

  -  Oligopoly : Few firms dominate

  -  Monopoly : One firm controls market

  -  Barriers to Entry : Obstacles for new firms

  -  Law of Demand : Price↓ → Demand↑

  -  Law of Supply : Price↑ → Supply↑

  -  Demand Curve : Graph of price vs. demand

  -  Supply Curve : Graph of price vs. supply

  -  Equilibrium Price : Price where demand = supply

  -  Equilibrium Quantity : Amount at equilibrium price

  -  Surplus : Too much supply low demand

  -  Shortage : Too much demand low supply

  -  Shifts in Demand/Supply : External factor shifts curve

  -  Elasticity : Shows how buyers/sellers actions change

  -  Elastic : A small price change causes a big shift in amount

  -  Inelastic : The amount changes very little even if the price jumps

  -  Complementary Good : Products that are used together

  -  Substitute Good : Products used in place of each other

  -  Production Possibilities Frontier : A graph that shows the maximum amount of two things that an economy or a person can make