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A fundamental economic model where the price of goods is determined by the quantity available (supply) and the desire for them (demand).

The cost of forgoing the next best alternative when making a decision.

The total value of all goods and services produced within a country's borders over a specific time period.

The process by which a central bank or monetary authority controls the supply of money, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.

The use of government spending and taxation to influence the economy.

The ability of an individual or group to carry out a particular economic activity more efficiently than another activity.

The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.

A situation where someone who is actively searching for employment is unable to find work.

A historical inverse relationship between rates of unemployment and corresponding rates of inflation.

An economic philosophy of free-market capitalism that opposes government intervention.

An economic theory stating that active government intervention is necessary to ensure economic growth and stability.

An economic theory that advocates reducing taxes on businesses and the wealthy in society as a means to stimulate business investment in the short term and benefit society at large in the long term.

The point at which the quantity demanded of a product equals the quantity supplied, resulting in a stable market price.

A metaphor for how, in a free market economy, self-interested individuals operate through a system of mutual interdependence to promote the general benefit of society at large.

The cost of producing one additional unit of a good.

An economic principle stating that as investment in a single factor of production increases, holding all other factors constant, the incremental output per unit of the variable factor will eventually decrease.

A graphical representation of the distribution of income or wealth within a society, showing the percentage of total income earned by the cumulative percentage of the population.

In economics, utility is a measure of satisfaction or happiness that consumers derive from consuming goods and services.

A consequence of an economic activity experienced by unrelated third parties.

A measure of how much the quantity demanded or supplied of a product changes in response to a change in price.

A statistical measure of income or wealth distribution within a population, often used as a gauge of economic inequality.

An economic idea that the individuals make predictions about the future based on the information available to them and learn from past trends.

An economic theory that estimates the amount of adjustment needed on the exchange rate between countries so that an exchange is equivalent to each currency's purchasing power.

An economic theory that argues that economic growth is primarily the result of internal forces, such as human capital, innovation, and knowledge, rather than external forces.