Economics

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Economics

  • See also [Social Studies Skills|Social Studies Skills]


Useful Economic vocabulary, models & theories[edit | edit source]

Cost[edit | edit source]

  • sunk cost

goods[edit | edit source]

  • Complement good
  • Coordination good
  • Free goods
  • Inferior goods
  • Normal goods
  • Public good
    • services available to all that have no competition, such as utilities
      • use of a public good by one person does not reduce its availability to another
  • Substitute good

Externalities[edit | edit source]

Opportunity cost[edit | edit source]

Prisoner's Dilemma[edit | edit source]

  • each prisoner does not know what the other will choose, so they choose the most beneficial to themselves
    • even if choosing collectively would be more rational

rationing[edit | edit source]

scarcity[edit | edit source]

  • aggregate supply

Supply & demand[edit | edit source]

Tragedy of the Commons[edit | edit source]

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