Economics Terms
Economic terms organized by category, with definitions and examples.
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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. |
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Scope and sources
Last changed: July 20, 2026. This may reflect a change to the data or its description; it is not a coverage-through date.
- Wikipedia: Glossary of economics (used with permission)
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