English
Economics terms.
Definition
Vocabulary specific to the study of economics, including concepts like supply and demand, scarcity, opportunity cost, GDP, inflation, and market structures. These terms frequently appear in social studies classes and on standardized tests.
Examples
Real-world.
- 1 'Opportunity cost' — what you give up when you choose one option over another
- 2 'Supply and demand' — the relationship between product availability and consumer desire that determines price
- 3 'Inflation' — a general increase in prices and decrease in purchasing power over time