is the condition where once and needs of people are not satisfied because of limited resources

is a temporary condition where demand on a certain commodity or service cannot be met by the current supply

is a perpetual condition that economists always need to solve because our wants, needs, and satisfaction are unlimited

it means at any maximum output with the least possible input

it can be attained by getting the desired outcome

In economics, it is an individual's pleasure, happiness, or satisfaction

The methodologies of economics are microeconomics and macroeconomics

it represents points at which an economy is most efficiently producing its goods and services

this law states that as price increases quantity demand will decrease

this law states that as price increases quantity supply will increase

it is the quantity of goods or services buyers are willing and able to buy

it is a point where quantity demanded is equal to the quantity supplied

a decrease in the quantity demanded will shift the demand curve to the left

goods or services that have an increasing demand whenever income increases

goods or services that are decreasing whenever income increases

Substitute goods are commodities that can replace another commodity in its absence. Meanwhile, complementary goods are goods that go hand in hand with each other

it is the measure of how much the quantity demanded of a good response to a change in the price of that good

it is the measure of how much the quantity demanded of one good responds to a change in the price of another good

Perfectly inelastic demand is a commodity with an elasticity that equals to infinity while perfectly elastic demand is the commodities with an elasticity of zero

is a graph that shows combinations of goods or services where the total amount of money spent is equal to income

individual consumption decisions are always made because people desire to maximize their satisfaction from consuming various goods and services

is a graph containing a set of indifference curves showing two commodities among which describe a person's preferences

it is the value of something that what you give up to get it

are also called per-unit cost and can be determined by dividing the firm's total cost by the quantity of output it produces

it is the change in output from one additional unit of input

are costs that do not vary with the quantity produced

are costs that vary with the quantity produced

is the scenario where the marginal product of an input decreases as the quantity of the input increases

Accounting profit is the result of subtracting explicit cost from total revenue

Economic profit not only subtracts explicit but also implicit cost from total information

products under this market structure are usually identical or homogeneous

firms view their demands as inelastic for price cuts and elastic for price rise

firms are price setters because they have control over what they charge for their product