Economics

Economics

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

Useful Economic vocabulary, models & theories

Cost

• sunk cost

goods

• 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

Prisoner's Dilemma

• 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

scarcity

• aggregate supply