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

A legal maximum on the price at which a good can be sold.

The fundamental economic problem of having seemingly unlimited human needs and wants in a world of limited resources.

A fundamental economic model that describes how prices are determined in a market system based on the interaction between sellers and buyers.

A state of allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off.

A measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs.

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

A legal minimum on the price at which a good can be sold.

A good with a negative cross elasticity of demand, in contrast to a substitute good. This means a good's demand is increased when the price of another good is decreased.

The branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets.

A graph showing how the demand for a commodity or service varies with changes in its price.

A measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price.

A situation that involves losing one quality or aspect of something in return for gaining another quality or aspect.

The total market value of all final goods and services produced within a country in a given period of time.

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they do pay.

The situation in which market supply and demand balance each other and, as a result, prices become stable.

A graphical representation of the relationship between the price of a good or service and the quantity supplied for a given period of time.

The cost of the next best alternative foregone when a decision is made to pursue a particular action.

The cost of producing one more unit of a good or service.

The principle that as a consumer consumes more of a good or service, the additional satisfaction gained from each additional unit decreases.

A measure of how the quantity demanded of one good responds to a change in the price of another good.

An economic system where the means of production are owned by the state or the public, and the allocation of resources is determined by centralized planning rather than market forces.

The economic rule stating that the quantity demanded and price of a good or service are inversely related, ceteris paribus.

A good that is non-excludable and non-rival in consumption, meaning individuals cannot be effectively excluded from use and one person's use does not reduce its availability to others.

A good for which demand increases as consumer income rises, and decreases when consumer income decreases.

A measure of how the quantity demanded of a good responds to a change in consumers' income.

The cost advantages that enterprises obtain due to size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.

The economic view of the human being's skills, knowledge, experience and attributes as an asset or resource that can be improved through investment.

A fundamental principle of economics that states that, all else equal, an increase in price results in an increase in quantity supplied.

A measure of how much the quantity demanded or supplied of a good responds to a change in one of its determinants, such as price or income.

A type of good for which demand declines as the level of income or real GDP in the economy grows.

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

The ability of an individual, company, or country to produce more of a good or service than competitors using the same amount of resources.

A good that is both excludable and rival in consumption, meaning that individuals can be prevented from using it and one person's use diminishes other people's use.

A good that can be used in place of another. In consumer theory, two goods are substitutes if the demand for one increases when the price of the other increases.

An economic system where the means of production are privately owned and operated for profit, usually in competitive markets.

Unemployment that occurs when people take time to find a job that best suits their skills and preferences.

A Latin phrase meaning 'all other things being equal,' used in economics to describe the effect of one economic variable on another, if all other variables remain the same.

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

An economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume.

A loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved or is not achievable.

A representation of all the combinations of goods and services that a consumer may purchase given current prices within his or her income level.

A decrease in the general price level of goods and services over time.

A measure of the satisfaction or happiness that consumers gain from consuming a good or service.

The additional satisfaction a consumer gains from consuming one more unit of a good or service.

The branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.

A measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price.

Unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand.

The difference between the amount producers are willing and able to supply a good for and the amount they actually receive.