Terms and definition of Applied Economics

It is the application of economic theory and econometrics in specific settings with the goal of analyzing potential outcomes.

• Applied economics

• Law of demand

• Economics

• Economic system

This reflects the quantities of goods and services demanded at different prices.

• Law of demand

• Law of supply

• Economic resources

• Demand schedule

It's a social science which deals with the allocation of scarce resources to satisfy the unlimited human wants

• Economic system

• Equilibrium price

• Economics

• Monopoly

It's also known as factors of production, the resources used to produce goods and services

• Economic resources

• Economic system

• Economics

• Microeconomics

It is the framework in which a society decides on its economic problems

• Economics

• Macroeconomics

• Scarcity

• Economic system

It is the condition of balance or equality

• Perfect competition

• Equilibrium price

• Law of supply

• Oligopoly

It is the quantity of a commodity which buyers will buy at a given time and place will vary inversely with the price

• Law of supply

• Monopolistic competition

• Law of demand

• Monopoly

It is the quantity offered for sale will vary directly with prices

• Law of supply

• Law of demand

• Supply schedule

• Demand schedule

It is the branch of dynamics that deals with parts of the economy such as the household and the business firm in is also known as price theory

• Equilibrium price

• Scarcity

• Microeconomics

• Economics

It is imperfectly competitive market where in products are differentiated and entry and exit are easy

• Monopoly

• Oligopoly

• Monopolistic competition

• Perfect competition