model
ceteris paribus
positive statement
normative statement
scarcity
opportunity cost
marginal analysis
economic agents
factors of production
renewable resources
non renewable resources
ppf
potential economic growth
GDP
division of labour
market
functions of money
Market economy
Command Economy
Mixed economy
demand
diminishing marginal utility
law of demand
snob effect
normal good
inferior good
substitutes
complements
elasticity
ped
income elasticity of demand
cross price elasticity
if YED is positive and greater than 1
XED postive less than 1
XED is negative less than 1
if XED is positive and greater than 1
supply
firm
total revenue curve
competitive market
influences of supply
how to work out
amount of
subsidy or tax?
cartel
movement along supply curve
PES
comparative statistic analysis
consumer surplus
MSB
producer surplus
marginal cost
allocative efficiency