What are key terms to remember in Economics?

Supply and Demand: The relationship between the quantity of a product or service that is available and the amount of it that consumers are willing and able to buy.

Market Equilibrium: The price and quantity of a product at which the supply and demand curves intersect, representing the point at which there is no surplus or shortage.

Opportunity Cost: The cost of any activity measured in terms of the value of the next best alternative foregone.

Marginal Cost: The increase in total cost that arises when one additional unit of a product is produced or a service is provided.

Marginal Utility: The additional satisfaction or benefit derived from consuming one more unit of a good or service.

Elasticity: A measure of the responsiveness of demand or supply to changes in price.

Rational Choice Theory: A theory of behavior that suggests people will act in a way that maximizes their own self-interest.

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