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Economics Terms

Business & Finance 58 records updated 2026-07-20

Economics Terms, with term, category, definition, and example.

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ID Term Category Definition Example
1 Supply and Demand Microeconomics Model of how price is set by buyer and seller behavior in a market. Higher demand for coffee raises its price.
2 Elasticity Microeconomics Measure of how quantity responds to a change in price or income. Gasoline demand changes little when prices rise.
3 Opportunity Cost Microeconomics Value of the next best alternative given up when making a choice. Studying instead of working gives up wages.
4 Marginal Utility Microeconomics Extra satisfaction gained from consuming one more unit of a good. The second slice of pizza satisfies less.
5 Diminishing Returns Microeconomics Added output falls as more of one input is added with others fixed. More cooks in a small kitchen add less output.
6 Economies of Scale Microeconomics Fall in cost per unit as the scale of production rises. A large plant makes each car more cheaply.
7 Perfect Competition Microeconomics Market with many firms selling identical goods and free entry. Many farmers sell identical wheat.
8 Monopoly Microeconomics Market with a single seller controlling supply of a product. One utility serves an entire city.
9 Oligopoly Microeconomics Market dominated by a small number of large firms. A few carriers control most mobile service.
10 Externality Microeconomics Cost or benefit falling on a third party outside a transaction. Factory smoke harms nearby residents.
11 Public Good Microeconomics Good that is non rivalrous and non excludable in use. National defense protects everyone at once.
12 Consumer Surplus Microeconomics Gap between what buyers pay and the most they would pay. Paying 5 for an item worth 8 to you.
13 Deadweight Loss Microeconomics Loss of total welfare from an inefficient market outcome. A tax that blocks worthwhile trades.
14 Price Ceiling Microeconomics Legal maximum price set below the market level. Rent control caps apartment rents.
15 Price Floor Microeconomics Legal minimum price set above the market level. A minimum wage above the market wage.
16 Gross Domestic Product Macroeconomics Total market value of goods and services a country produces. A nation measures yearly output as GDP.
17 Inflation Macroeconomics Sustained rise in the general level of prices over time. Prices climbing 3 percent in a year.
18 Deflation Macroeconomics Sustained fall in the general level of prices over time. Falling prices during a deep slump.
19 Unemployment Rate Macroeconomics Share of the labor force seeking work but without a job. Five of every hundred workers are jobless.
20 Recession Macroeconomics Marked decline in economic activity lasting several months. Output falling for two straight quarters.
21 Business Cycle Macroeconomics Recurring pattern of expansion and contraction in output. Booms followed by downturns over years.
22 Gross National Product Macroeconomics Output produced by a nation's residents at home and abroad. Includes income of citizens working abroad.
23 Aggregate Demand Macroeconomics Total demand for goods and services across an economy. Household and government spending combined.
24 Aggregate Supply Macroeconomics Total output firms will produce at each price level. Factories raise output as prices rise.
25 Real GDP Macroeconomics GDP adjusted to remove the effect of price changes. Output measured in constant prices.

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