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| The lands, water, metals, minerals, animals, and other gifts of nature that are available for producing goods and services. |
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| The Latin phrase meaning "everything else being equal." |
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| A subarea of economics that analyzes individuals as consumers and producers, and specific firms and industries. It focuses especially on the market behavior of firms and households. |
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| The perpetual state of insufficiency of resources to satisfy people's unlimited wants. |
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| A model of how the economy's resources, money, goods, and services flow between households and firms through resource and product markets. |
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| A subarea of economics that analyzes the behavior of the economy as a whole. |
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| The study of how people work together to transform resources into goods and services to satisfy their most pressing wants, and how they distribute these goods and services among themselves. |
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| An economic unit of one or more persons, living under one roof, that has a source of income and uses it in whatever way it deems fit. |
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| A subset of economics that analyzes the way the economy actually operates. |
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| The ability of consumers to exercise complete control over what goods and services the economy produces (or doesn't produce) by choosing what goods and services to buy (or not buy). |
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| An economic unit that produces goods and services in the expectation of selling them to households, other firms, or government. |
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| A subset of economics founded on value judgments and leading to assertions of what ought to be. |
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| An abstractin of an economic reality. It can be expressed pictorially, graphically, algebraically, or in words. |
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| Adam Smith's concept of the market, which,as if it were a hand, guides firms that seek only to satisfy their own self-interest to produce precisely those goods and services that consumers want. |
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| The use of statistics to quantify and test economic models. |
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