Supply and Demand, PPF
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| Mircoeconomics | the part of economics concerned with single factors and the effects of individual decisions.
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| Law of Demand | as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.
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| Law of Supply | as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.
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| Supply | the total amount of a specific good or service that is available to consumers.
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| Demand | An economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service.
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| Demand Schedule | a table of the quantity demanded of a good at different price levels.
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| Supply Schedule | A table or listing showing the exact quantities of a single type of good (or service) that potential sellers would offer to sell at each of a number of varying prices
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| Shortage | A situation where demand for a product or service exceeds the available supply
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| Surplus | The amount of an asset or resource that exceeds the portion that is utilized.
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| Marginal Utility | The additional satisfaction a consumer gains from consuming one more unit of a good or service.
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| Diminishing Marginal Utility | A law of economics stating that as a person increases consumption of a product - while keeping consumption of other products constant - there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
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| Production Possibility Frontier | A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.). The PPF assumes that all inputs are used efficiently.
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| Efficiency | A level of performance that describes a process that uses the lowest amount of inputs to create the greatest amount of outputs.
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| Unattainable | not able to be reached or achieved.
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| Inefficient | not capable of producing desired results without wasting materials, time, or energy.
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| Economic Growth | An increase in the capacity of an economy to produce goods and services, compared from one period of time to another.
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| Opportunity Cost | the loss of potential gain from other alternatives when one alternative is chosen.
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| Trade-off | involves a sacrifice that must be made to get a certain product or experience.
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| Scarcity | the state of being scarce or in short supply; shortage.
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| Production | the action of making or manufacturing from components or raw materials, or the process of being so manufactured.
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| Factors of Production | An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit.
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| Land | A place to put a business and gather resources for production.
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| Labor | productive activity, especially for the sake of economic gain.
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| Entrepreneur | An individual who, rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale.
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| Capital | wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
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| Supply Curve | in economics, graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply.
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| Demand Curve | is the graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at that given price.
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| Subsidy | is a form of financial aid or support extended to an economic sector (or institution, business, or individual) generally with the aim of promoting economic and social policy.
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| Substitute | If the price of one good increases, then demand for the other item is likely to rise.
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| Compliment | A good or service that is used in conjunction with another good or service.
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| Equilibrium Price | defined as the point where supply equals demand for a product – is where the hypothetical supply and demand curves intersect.
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