Glossary of economics

Economics is a complex field with many specialized terms and concepts. Here is a glossary of some key terms and concepts in economics:

Supply and Demand:
Supply: The quantity of a good or service that producers are willing and able to offer for sale at different prices over a specified period.
Demand: The quantity of a good or service that consumers are willing and able to purchase at different prices over a specified period.

Market:
Market: A place or mechanism where buyers and sellers interact to exchange goods and services.

Price Elasticity:
Price Elasticity of Demand: A measure of how sensitive the quantity demanded of a good is to changes in its price.

Utility:
Utility: The satisfaction or benefit that individuals derive from consuming goods and services.

Inflation:
Inflation: The increase in the general price level of goods and services in an economy over a period of time, resulting in a decrease in the purchasing power of money.