Economics terms

English

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

  • 'Opportunity cost' — what you give up when you choose one option over another
  • 'Supply and demand' — the relationship between product availability and consumer desire that determines price
  • 'Inflation' — a general increase in prices and decrease in purchasing power over time

Related Terms

Cross-curricular terms Domain-specific terms Government terms

Study This Concept

Practice economics terms with free review games in these units:

Vocabulary Unit 9: Social Studies Vocabulary