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| 5902493077 | Scarcity | Everything is scarce, all resources are limited. | 0 | |
| 5902493078 | Choices | Selecting from available alternatives. | 1 | |
| 5902494895 | Macroeconomics | Choices that individual and business. | 2 | |
| 5902494896 | Goods and Services | The objects and actions that satisfy wants. | 3 | |
| 5902496469 | Self Interest | what is best for each individual. | 4 | |
| 5902496470 | Social Interest | What is best for society as a whole. | 5 | |
| 5902496471 | Globalization | The expansion of international trade. | 6 | |
| 5902499514 | Tradeoff | Giving up one thing to get another. | 7 | |
| 5902499515 | Opportunity Cost | What is given up when a trade off decision is made. | 8 | |
| 5902499516 | Benefit | The gain of a decision measured by willingness | 9 | |
| 5902503859 | Rational Choice | The best use of resources for achieving goals. | 10 | |
| 5902503860 | Margin | Comparing choices for next decisions with benefits. | 11 | |
| 5902503861 | Marginal Cost | The opportunity cost of the next unit. | 12 | |
| 5902505538 | Marginal Benefit | The benefit of the next unit. | 13 | |
| 5902505539 | Incentive | The reward or penalty of an action or decision. | 14 | |
| 5902505540 | Economic Model | Economic description of changes in economic facts. | 15 | |
| 5902507983 | Normative Statements | Statements of opinions and value. | 16 | |
| 5902507984 | Positive Statement | Statements of facts that can be tested. | 17 | |
| 5902510252 | What is Economics? | The social science of choices made by societies facing unlimited and repeated wants with limited and scarce resources. | 18 | |
| 5902515039 | What is the economic way of thinking? | Economists analyze choices, trade offs, benefits, and incentives, as well as government policies. | 19 | |
| 5902515040 | Capital Goods | Materials used by businesses to create productive resources for future goods and services. | 20 | |
| 5902518213 | Consumption Goods and Services | Items that individuals and governments use up in the immediate time frame. | 21 | |
| 5902530210 | Advanced Economies | Wealthiest 29 countries. | 22 | |
| 5902530211 | Emerging Markets | 28 Central, Eastern European, and Asian countries. | 23 | |
| 5902532102 | Developing Markets | 119 Asian, African, and other region's countries. | 24 | |
| 5902539479 | BRICS | Brazil, Russia, India, China, South Africa. | 25 | |
| 5902545715 | PIGS | Portugal, Ireland, Greece, Spain | 26 | |
| 6009182332 | Factors of Production | Land, labor, capital, and entrepreneurship | 27 | |
| 6009184517 | Land | Any resource from nature | 28 | |
| 6009186295 | Labor | Human effort to produce goods and services | 29 | |
| 6009188389 | Human Capital | Knowledge and skills possessed by people | 30 | |
| 6009189919 | Capital | Tools, instruments, machines, buildings, etc. | 31 | |
| 6009192885 | Financial Capital | money, stocks, bonds for financial resources | 32 | |
| 6009195642 | Entrepreneurship | Human resource that organizes businesses | 33 | |
| 6009198195 | Rent | Income paid for the use of land | 34 | |
| 6009198237 | Wages | Income paid for the use of labor | 35 | |
| 6009200617 | Interest | Income paid for the use of capital | 36 | |
| 6009202319 | Profit (or loss) | Income earned by entrepreneurs | 37 | |
| 6009204122 | Households | Individuals who own the factors of production | 38 | |
| 6009207334 | Firms | Institutions that organize production | 39 | |
| 6009209122 | Market | An arrangement where buyers meet sellers | 40 | |
| 6009213447 | Goods market | Buying and selling goods and services | 41 | |
| 6009215490 | Factor market | Buying and selling services of factors of production | 42 | |
| 6009236699 | Leakage | Funds diverted from the economic circular flow. I.E. taxes, savings, imports, etc. | 43 | |
| 6009242621 | Injection | Funds diverted into the economic circular flow. I.E. government spending, transfer payments, exports, etc. | 44 | |
| 6193380818 | Demand | Relationship between the quantity demanded and the price | 45 | |
| 6193405118 | Supply | Relationship between the quantity supplied and the price | 46 | |
| 6193413363 | Price and Quantity | Where the demand and supply curves intersect | 47 | |
| 6193419698 | Markets | Goods, services, resources, inputs, money, virtual, space | 48 | |
| 6193431220 | Quantity demanded | The amount willing and able to buy at a specified price | 49 | |
| 6193439967 | Law of Demand | Price rises, the quantity demanded decreases; price falls, the quantity demanded increases | 50 | |
| 6193455087 | Demand | The relationship between quantity demanded and price | 51 | |
| 6193464416 | Demand schedule | A list of quantities demanded at various prices | 52 | |
| 6193474516 | Demand curve | A graph showing quantity demanded at various prices | 53 | |
| 6193486060 | Market demand | Sum of demands from all buyers in the market | 54 | |
| 6193491885 | Changes in demand | The movement of the demand curve due to changes in any factor other than the price | 55 | |
| 6193509355 | Substitute (in demand) | A good consumed instead of another good | 56 | |
| 6193517276 | Complement (in demand) | A good consumed with another good | 57 | |
| 6193523081 | Normal good | Demand for the good increases as income increases | 58 | |
| 6193538820 | Inferior good | Demand for the good decreases as income increases | 59 | |
| 6193553306 | Change in quantity demanded | Changes in purchases due to price changes | 60 | |
| 6193561450 | Quantity supplied | The amount willing and able to supply at a specified price | 61 | |
| 6193571677 | Law of Supply | Price rises, the quantity supplied increases; price falls, the quantity supplied decreases | 62 | |
| 6193585982 | Supply | The relationship between quantity of supply and price | 63 | |
| 6193592236 | Supply schedule | A list of quantities supplied at different prices | 64 | |
| 6193601844 | Supply curve | A graph showing quantity supplied at various prices | 65 | |
| 6193611455 | Market supply | The sum of supplies from all sellers in the market | 66 | |
| 6193618974 | Changes in supply | The movement of the supply curve due to changes in any factor other than price | 67 | |
| 6193632739 | Substitute (in supply) | A good produced in place of another | 68 | |
| 6193641018 | Complement (in supply) | A good produced along with another good | 69 | |
| 6193648934 | Change in quantity supplied | A change in quantity suppliers are willing to supply at different market prices | 70 | |
| 6193665697 | Market equilibrium | Where quantity demand and quantity supplied meet | 71 | |
| 6193671777 | Equilibrium Price | Quantity demanded equals quantity supplied (y-axis) | 72 | |
| 6193685524 | Equilibrium Quantity | Quantity demanded equals quantity supplied (x-axis) | 73 | |
| 6193691228 | Surplus | Quantity supplied exceeds quantity demanded | 74 | |
| 6193699254 | Shortage | Quantity demanded exceeds quantity supplied | 75 | |
| 6193715086 | Elasticity | A measure of how much one economic variable responds to changes in another economic variable. | 76 | |
| 6193720521 | Perfectly Elastic | Demand curve is horizontal; The price stays the same no matter the quantity supplied | 77 | |
| 6193724207 | Perfectly Inelastic | Demand curve is vertical and elasticity is zero, if price changes, there is no change in demand | 78 | |
| 6318446734 | Working Age Population | Total people over 16; not in jail, hospitals or some other institution, not in the Armed Forces | 79 | |
| 6318452003 | Labor Force | Number of people employed plus the unemployed | 80 | |
| 6318454286 | Umemployed | People without employment who are seeking employment and are available for employment | 81 | |
| 6318459645 | Unemployment Rate | Number of unemployed workers divided by the labor force (as a percentage) | 82 | |
| 6318474515 | Labor Force Participation Rate | Percentage of the working age population who are in the labor force | 83 | |
| 6318480211 | Part-time worker | Those who work less than 35 hours a week | 84 | |
| 6318482615 | Frictional Unemployment | Unemployment from normal labor market turnover | 85 | |
| 6318489366 | Structural Unemployment | Unemployment from mismatches between the needs of employers and the skills and talents of workers | 86 | |
| 6318501952 | Cyclical Unemployment | Unemployment from changes in the business cycle | 87 | |
| 6318503778 | Full employment | Employment when there is no cyclical unemployment | 88 | |
| 6318505886 | Natural unemployment rate | The unemployment rate when no cyclical unemployment is present | 89 | |
| 6318509137 | Potential GDP | GDP produced when the economy is at full employment | 90 | |
| 6318512865 | Output Gap | Real GDP minus potential GDP; negative in recessions, positive in expansions | 91 | |
| 6318518964 | Consumer Price Index (CPI) | Measures average prices paid by urban consumers for a fixed market basket of consumption goods and services; the CPI equals the cost of the basket at current prices divided by cost of the basket in the base year (as a percentage) | 92 | |
| 6318524529 | Base Period / Base Year | The period used as the point of comparison for later values of the CPI; the CPI in the base period equals 100. (In many federal references this is the time from 1982 to 1984) | 93 | |
| 6318526831 | CPI Market Basket | Goods and services whose prices are used for the CPI | 94 | |
| 6318615056 | Inflation Rate | CPI in current year minus CPI in previous year divided by CPI in previous year (as a percentage) | 95 | |
| 6318623012 | Deflation | The price level is falling and inflation is negative | 96 | |
| 6318631339 | Cost of Living Index | Money people need to spend for a standard of living | 97 | |
| 6318635858 | GDP Price Index | An average of the current prices of all goods and services included in GDP expressed as a percentage of the base-year period | 98 | |
| 6318647364 | Nominal Wage Rate | Average hourly wage in current dollars | 99 | |
| 6318663288 | Real Wage Rate | Average hourly wage rate in dollars of a given base year; it equals the nominal wage rate divided by the CPI (as a percentage) | 100 | |
| 6318683840 | Nominal Interest Rate | Interest rate in terms of dollars | 101 | |
| 6318686022 | Real Interest Rate | Interest rate in terms of goods and services; it equals the nominal interest rate minus the inflation rate | 102 | |
| 6318696704 | Natural Unemployment Rate | Unemployment rate when unemployment is only frictional, structural, seasonal (no cyclical unemployment; the result of job search and job rationing) | 103 | |
| 6318704933 | Job Search | Looking for an acceptable job | 104 | |
| 6318706488 | Job Rationing | When real wage rate is above the full employment level so there is a surplus of labor | 105 | |
| 6318723395 | Efficiency Wage | A real wage rate above the equilibrium wage rate to encourage greater effort by the workers | 106 | |
| 6318734871 | Minimum Wage | The lowest wage for which labor can legally be hired | 107 | |
| 6318736725 | Union Wage | A wage set by collective bargaining between a firm and a union | 108 |
