Positive Statement

Normative Statement

Opportunity Cost

Production Possibility Frontier

Demand

Derived Demand

Composite Demand

PED

YED

Division of Labour

XED

Supply

PES

Diminishing Marginal Utility

Normal Good

Inferior Good

Consumer Surplus

Producer Surplus

Indirect Taxes

Subsidies

Allocative Efficiency

Asymmetric Information

Ceteris Paribus

Command Economy

Competitive market

Externalities

Market Failure

Marginal Social Benefit

Marginal Social Cost

Market Economy

Merit good

Mixed Economy

Public Goods

Quasi Public Good

Free Rider Problem

Minimum Price