뒤로Introduction to Economics definitions
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1/15뒤로Skip to main content뒤로Scarcity
A situation where resources are insufficient to satisfy all human wants, requiring choices about their allocation. Trade-off
A situation where obtaining one thing necessitates giving up another, reflecting the need to prioritize among alternatives. Opportunity Cost
The value of the next best alternative forgone when a choice is made, not just monetary but also time or experiences. Resource
An input such as time, money, or materials that is limited and used to fulfill various wants or needs. Economics
A social science focused on how individuals, institutions, and societies make decisions under conditions of limited means. Microeconomics
A branch examining choices and behaviors of individuals and businesses, including pricing, supply, and demand in specific markets. Macroeconomics
A field studying the economy as a whole, including national issues like inflation, unemployment, and economic growth. Economic System
A structure determining how a society allocates and distributes its limited resources, shaped by decision-makers. Traditional Economy
A system where customs, traditions, and long-standing practices guide resource allocation and production. Command Economy
A structure where a government or ruling authority directs production, distribution, and pricing decisions. Market Economy
A system where buyers and sellers interact freely, with voluntary exchanges and competition shaping outcomes. Voluntary Exchange
A process where individuals freely decide what to buy or sell, reflecting personal preferences and mutual benefit. Competition
A dynamic where producers strive to attract buyers by offering better prices or features, influencing market outcomes. Inflation
A general rise in price levels across an economy, affecting purchasing power and interest rates. Unemployment
A condition where individuals willing and able to work cannot find jobs, impacting overall economic health.
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