Cerrar
Market
(Effective) Demand
Substitutes
Complements
Normal good
Inferior good
Movements along a curve, contraction, expansion
Supply
Choice
Consumer goods
Explicit costs
Factors of Demand
(PIRATES)
P of Pirates
I of PIRATES
R of PIRATES
A of PIRATES
T of PIRATES
E of PIRATES
S of PIRATES
Factors of production
(CELL)
C of Cell
E of CELL
L of CELL
L of CELL
Free goods
Free Market System
Implicit costs
Income effect
Substitution effect
Diminishing marginal returns
Law of demand
Law of increasing opportunity costs
Law of supply
Market Equilibrium
Opportunity Cost
PPC
Price mechanism
Private sector
Public sector
Scarcity
Supply shifters
(TIGRESS)
T of TIGRESS
I of TIGRESS
G of TIGRESS
R of TIGRESS
E of TIGRESS
S of TIGRESS
S of TIGRESS
Price Elasticity of Demand (PED)
PED Values
Determinants of PED (THIS)
T of THIS
H of THIS
I of THIS
S of THIS
Relationship between PED and total revenue
Cross Elasticity of Demand (XED)
Complements
Substitutes
XED Values
Income elasticity of demand (YED)
Normal goods (in the context of YED)
Inferior goods (in the context of YED)
Luxury goods (in the context of YED)
Price elasticity of supply (PES)
YED values
PES values
Determinants of PES (TICS)
T of TICS
I of TICS
C of TICS
S of TICS
Indirect tax
Specific tax
Ad valorem tax
Subsidy
Price ceiling/Maximum price
Price floor/Minimum price
Market failure
Externalities
Marginal private benefit (MPB)
Marginal private cost (MPC)
Negative externalities/External costs
Positive externalities/External benefits
Marginal social benefit (MSB)
Marginal social costs (MSC)
Demerit goods
