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Economics Basics

Fundamental economic terms

E
econstudent 12 terms Mar 3, 2026
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Terms 12

1
Supply
Amount of a product available for sale
2
Demand
Consumer desire for a product
3
Market
Place where buyers and sellers exchange goods
4
Inflation
General rise in prices over time
5
GDP
Total value of goods and services produced in a country
6
Opportunity Cost
Value of the next best alternative given up
7
Scarcity
Limited availability of resources
8
Capital
Money or assets used to produce goods
9
Labor
Human effort used in production
10
Entrepreneur
Person who starts and runs a business
11
Profit
Money remaining after costs are paid
12
Competition
Rivalry between businesses to attract customers