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17 relations: Agent (economics), Allocative efficiency, Budget constraint, Consumer choice, Demand, Goods, Indifference curve, Inflation, Market basket, Microeconomics, Opportunity cost, Price, Price premium, Real versus nominal value (economics), Relative value (economics), Service (economics), Tangent.
Agent (economics)
In economics, an agent is an actor and more specifically a decision maker in a model of some aspect of the economy.
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Allocative efficiency
Allocative efficiency is a state of the economy in which production represents consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing.
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Budget constraint
A budget constraint represents all the combinations of goods and services that a consumer may purchase given current prices within his or her given income.
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Consumer choice
The theory of consumer and choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves.
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Demand
In economics, demand is the quantities of a commodity or a service that people are willing and able to buy at various prices, over a given period of time.
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Goods
In economics, goods are materials that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product.
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Indifference curve
In economics, an indifference curve connects points on a graph representing different quantities of two goods, points between which a consumer is indifferent.
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Inflation
In economics, inflation is a sustained increase in price level of goods and services in an economy over a period of time.
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Market basket
A market basket or commodity bundle is a fixed list of items, in given proportions, used specifically to track the progress of inflation in an economy or specific market.
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Microeconomics
Microeconomics (from Greek prefix mikro- meaning "small") is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
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Opportunity cost
In microeconomic theory, the opportunity cost, also known as alternative cost, is the value (not a benefit) of the choice in terms of the best alternative while making a decision.
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Price
In ordinary usage, a price is the quantity of payment or compensation given by one party to another in return for one unit of goods or services.
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Price premium
Price premium, or relative price, is the percentage by which a product’s selling price exceeds (or falls short of) a benchmark price.
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Real versus nominal value (economics)
In economics, a real value of a good or other entity has been adjusted for inflation, enabling comparison of quantities as if prices had not changed.
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Relative value (economics)
In finance, relative value is the attractiveness measured in terms of risk, liquidity, and return of one financial instrument relative to another, or for a given instrument, of one maturity relative to another.
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Service (economics)
In economics, a service is a transaction in which no physical goods are transferred from the seller to the buyer.
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Tangent
In geometry, the tangent line (or simply tangent) to a plane curve at a given point is the straight line that "just touches" the curve at that point.
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