Economics Vocabulary List One Economics Vocabulary List Two

shortage demand
factors of production law of demand
land substitution effect
labor income effect
capital market demand schedule
human capital normal good
physical capital inferior good
need complementary goods
want substitute goods
scarcity elasticity of demand
economics inelastic
entrepreneur elastic
goods unitary elastic
services supply
market law of supply
opportunity costs quantity supplied
cost/benefit analysis market supply schedule
thinking at the margin elasticity of supply
economic system total revenue
centrally planned economy fixed cost
mixed economy variable cost
free market economy total cost
safety net average cost
economic transition marginal cost
traditional economy marginal revenue
free enterprise system operating cost
production possibilities curve excise tax
production possibilities frontier marginal product of labor
efficiency subsidy
underutilization regulation
law of increasing cost equilibrium
specialization disequilibrium
household shortage
firm surplus
factor market price ceiling
profit price floor
product market inventory
invisible hand
public good
externality