Glossary

Accounting profit
Average cost
Average fixed cost
Average revenue
Average utility
Average variable cost
Capital intensive
Capital/capital goods
Capitalism
Central planning
Change in the technology of production
Collective needs
Collective ownership
Collective services
Collusion
Communism
Competition
Complement
Consumer
Consumer goods
Consumer price index (CPI)
Demand
DEMAND CURVE
DEMAND SCHEDULE
DEMOCRATIC SOCIALISM
DEPRECIATION
DERIVED DEMAND
DIRECT TAXES
DISTRIBUTION PROBLEM
DISTRIBUTION ROLE
DIVISIBILITY
DURABILITY
ECONOMIC GROWTH
ECONOMIC LOSS
ECONOMIC PRODUCTS/GOODS
ECONOMIC PROFIT
ECONOMIC SECTOR
ECONOMIC SYSTEM
ECONOMICALLY ACTIVE POPULATION
ECONOMICS
ECONOMIES OF SCALE
ELASTICITY OF DEMAND (OR SUPPLY)
ENTREPRENEURSHIP
EQUILIBRIUM
EQUILIBRIUM POINT
EQUILIBRIUM POSITION
EQUILIBRIUM PRICE
EXCESS DEMAND
EXPECTATIONS
EXPLICIT COSTS
EXPORTS
FACTOR MOBILITY
FINAL GOODS
FIXED COST
FORMAL SECTOR
FREE PRODUCTS/GOODS
FUNCTIONAL DISTRIBUTION OF INCOME
GOODS
GOODS MARKET
GOVERNMENT EXPENDITURE
GROSS DOMESTIC PRODUCT (GDP)
HETEROGENEOUS GOODS
HOMOGENEOUS GOODS
HUMAN CAPITAL
HUMAN DEVELOPMENT
IMPERFECTLY COMPETITIVE MARKET
IMPLICIT COSTS
IMPORTS
INCOME
INCOME ELASTICITY OF DEMAND
INDIVIDUAL NEEDS
INFLATION
INFORMAL SECTOR
INTERMEDIARY GOODS
INTERNATIONAL TRADE
INVESTMENT
LABOUR
LABOUR FORCE
LABOUR FORCE PARTICIPATION RATE (LFPR)
LABOUR INTENSIVE
LAW OF DEMAND
LAW OF DIMINISHING MARGINAL UTILITY
LAW OF DIMINISHING RETURNS
LAW OF SUPPLY
LIMITED RESOURCES
MACROECONOMICS
MARGINAL APPROACH
MARGINAL COST
MARGINAL PRODUCT
MARGINAL REVENUE
MARGINAL UTILITY
MARKET
MARKET DEMAND
MARKET ECONOMY
MARKET MECHANISM
MARKET SOCIALISM
MEDIUM OF EXCHANGE
MICROECONOMICS
MIXED ECONOMY
MONOPOLISTIC COMPETITION
MONOPOLY
MONOPSONY
NATURAL RESOURCES
NATURAL SCIENCES
NEEDS
NON-EXCLUDABILITY
NORMAL PROFIT
OLIGOPOLY
OPPORTUNITY COST
PERFECT COMPETITION
PERFECTLY COMPETITIVE MARKET
PERFECTLY ELASTIC DEMAND CURVE
PERFECTLY ELASTIC SUPPLY CURVE
PERFECTLY INELASTIC DEMAND CURVE
PERFECTLY INELASTIC SUPPLY CURVE
PERIOD
PLANNED SOCIALISM
POPULATION
PRICE CEILING