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Economics Vocabulary

Explore the fundamental concepts and principles of economics, from scarcity to monopoly, to gain insights into market dynamics and economic systems.

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Economics Vocabulary

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  1. Economics Vocabulary Spring 2019 Textbook

  2. Monday, January 7th • Scarcity • Need and want • Good and service • Nondurable Good • Durable Good

  3. Tuesday, January 8th • Consumer Good • Capital Good • Factors of production • Productivity • Standard of living

  4. Wednesday, January 9th • Land • Labor • Capital • Entrepreneurs • Human Capital

  5. Thursday, January 10th • Production Possibilities Curve • Opportunity Cost • Trade-offs • Division of labor • Specialization

  6. Friday, January 11th • Traditional Economy • Command Economy • Socialism • Market Economy • Capitalism

  7. Monday, January 14th • Communism • Mixed Economies • Privatization • Black Market • Public Good

  8. Tuesday, January 15th • Free enterprise • Voluntary exchange • Profit • Consumer Sovereignty • Incentive

  9. Wednesday, January 16th • Market Failure • Externalities • Trusts • Social Security • Medicare

  10. Thursday, January 17th • Public sector/Private sector • Marginal utility • Factor Market • Product Market • Subsidy

  11. Friday, January 18th • Demand • Quantity Demanded • Law of demand • Income effect • Substitution effect

  12. Monday, January 21st • Substitutes • Complements • Supply • Quantity Supplied • Law of supply

  13. Tuesday, January 22nd • Diminishing returns • Total Revenue • Rationing • Equilibrium Price • Equilibrium Quantity

  14. Wednesday, January 23rd • Surplus • Shortage • Price Ceiling • Price Floor • Laissez-Faire

  15. Thursday, January 24th • Perfect Competition • Monopolistic Competition • Product differentiation • Oligopoly • Monopoly

  16. friday, January 25th • Sole proprietorship • Partnership • Corporation • Stock • Dividend

  17. monday, January 28th • Unlimited liability • Double taxation • Franchise • Depreciation • Conglomerate

  18. tuesday, January 29th • Horizontal merger • Vertical merger • Nonprofit • Cooperative, or co-op • Labor union

  19. wednesday, January 30th • Gross Domestic Product • GDP per capita • Aggregate supply • Aggregate demand • Real GDP

  20. Thursday, January 31st • Intermediate products • Underground economy • Net exports of goods and services • Infrastructure • Unemployed

  21. friday, February 1st • Unemployment rate • Frictional Unemployment • Structural Unemployment • Cyclical Unemployment • Seasonal Unemployment

  22. monday, February 4th • Inflation • Deflation • Consumer Price Index • Market Basket • Base year

  23. tuesday, February 5th • Hyperinflation • Stagflation • Demand-pull inflation • Cost-push inflation • Quantity theory of money

  24. wednesday, February 6th • Business Cycles • Recession • Peak • Trough • Expansion

  25. Thursday, February 7th • Depression • Fiat Money • Medium of exchange • Measure of value • Store of value

  26. Friday, February 8th • Financial institution • Principal • Interest • Credit Union • Certificate of Deposit (CD)

  27. Monday, February 11th • Pension • Risk • Bull market/Bear market • Bond • Maturity

  28. Tuesday, February 12th • Beneficiary • Individual Retirement Accounts (IRA)/401(k) • Money market • Mutual fund • Diversification

  29. Wednesday, February 13th • Creditors • Debtors • Defaulted • Premiums • Deductible

  30. Thursday, February 14th • Collateral • Federal Reserve System (Fed) • Bank run • Federal Deposit Insurance Corporation (FDIC) • Monetary policy

  31. Friday, February 15th • Reserve Requirement • Fractional reserve system • Interest rate • Open market operations • Discount rate

  32. Monday, February 25th • Internal Revenue Service (IRS) • Sales Tax • Proportional Tax • Progressive Tax • Regressive Tax

  33. Tuesday, February 26th • Medicaid • FICA • Estate tax • Property tax • Fiscal Policy

  34. Wednesday, February 27th • Keynesian Economics • Supply-side policies • Budget Deficit/Budget Surplus • Trade deficit/Trade surplus • Balance of payments

  35. Thursday, February 28th • Exports and imports • Absolute advantage • Comparative advantage • Tariff • Quota

  36. Friday, March 1st • Embargo • Protectionists • Free traders • NAFTA • Foreign exchange rate

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