Economics Essentials
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Terms in this set
- Demand The quantity of a good consumers are willing and able to buy at each price, holding other factors constant.
- Supply The quantity of a good producers are willing and able to sell at each price, holding other factors constant.
- Inflation A sustained increase in the general price level, eroding the purchasing power of money.
- Recession A significant decline in economic activity, commonly defined as two consecutive quarters of negative real GDP growth.
- Equilibrium The market state in which the quantity demanded equals the quantity supplied at the prevailing price, with no tendency to change.
- Tariff A tax imposed on imported goods, raising their price and protecting domestic producers.
- Monopoly A market with a single seller of a product with no close substitutes, protected by high barriers to entry.
- Oligopoly A market with a few large firms whose pricing and output decisions are interdependent.
- Elasticity The percentage change in one variable in response to a percentage change in another — most commonly demand or supply with respect to price.
- Surplus The excess of one quantity over another — producer surplus, consumer surplus, trade surplus, or budget surplus, depending on context.