Glossary of economics
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Economics is a complex field with many specialized terms and concepts. Here is a glossary of some key terms and concepts in economics:
Supply and Demand:
Supply: The quantity of a good or service that producers are willing and able to offer for sale at different prices over a specified period.
Demand: The quantity of a good or service that consumers are willing and able to purchase at different prices over a specified period.
Market:
Market: A place or mechanism where buyers and sellers interact to exchange goods and services.
Price Elasticity:
Price Elasticity of Demand: A measure of how sensitive the quantity demanded of a good is to changes in its price.
Utility:
Utility: The satisfaction or benefit that individuals derive from consuming goods and services.
Inflation:
Inflation: The increase in the general price level of goods and services in an economy over a period of time, resulting in a decrease in the purchasing power of money.
Supply and Demand:
Supply: The quantity of a good or service that producers are willing and able to offer for sale at different prices over a specified period.
Demand: The quantity of a good or service that consumers are willing and able to purchase at different prices over a specified period.
Market:
Market: A place or mechanism where buyers and sellers interact to exchange goods and services.
Price Elasticity:
Price Elasticity of Demand: A measure of how sensitive the quantity demanded of a good is to changes in its price.
Utility:
Utility: The satisfaction or benefit that individuals derive from consuming goods and services.
Inflation:
Inflation: The increase in the general price level of goods and services in an economy over a period of time, resulting in a decrease in the purchasing power of money.
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