Microeconomics Definitions

Black Market

Capital Goods

Ceteris Paribus

Collusion

Command Economy

Competition Policy

Competitive Market

Competitive Supply

Complement Goods

Composite Demand

Consumer Surplus

Consumption

Cross Elasticity of Demand

Demand

Demerit Goods

Derived Demand

Diminishing Returns

Disposable Income

Division of Labour

Economic Efficiency

Economies of Scale

Effective Demand

Elastic Demand

Elastic Supply

Elasticity of Supply

Emission Tax

External Costs

Externalities

Finite Resources

Fixed Costs

Free Market Economy

Geographical Immobility of Labour

Government Failure

Income Elasticity of Demand

Indirect Tax

Inelastic Demand

Inelastic Supply

Inferior Goods

Innovation

Invisible Hand Theory

Joint Supply

Latent Demand

Marginal Costs

Marginal Revenue

Market Equilibrium

Market Failure

Maximum Price

Merit Goods

Minimum Price

Mixed Economy

Monopoly

Needs

Negative Externalities

Normal Goods

Normative Statements

Oligopoly

Opportunity Cost

Ostentatious Consumption

Positive Externalities

Positive Statements

Price Mechanism

Private Benefits

Private Costs

Producer Surplus

Productive Efficiency

Productivity

Public Bads

Public Goods

Regressive Tax

Relative Poverty

Social Benefits

Social Costs

Spare Capacity

State Monopoly

Subsidy

Supply

Variable Costs