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Any cost that changes in proportion to the amount of goods or services that a firm produces, Variable costs are also the sum of marginal costs over all units produced.

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A sustained, long-term decrease in economic activity in one or more economies. It is a more severe economic downturn than a recession, which is a slowdown in economic activity over the course of a normal business cycle.

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A cost in making any economic trade when participating in a market.

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A limited quantity of a product that can be produced, imported, or exported.

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A situation where numerous small firms producing identical products compete against each other in a given industry. Perfect competition leads to firms producing the socially optimal output level at the minimum possible cost per unit.

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The value of the next best alternative thing that could have been done. It measures what is given up in order to do the most preferred thing.

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nominal interest rates:measure the returns to a loan in terms of money borrowed and money returned (as opposed to real interest rates).

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Anything customarily used as a medium of exchange, a unit of accounting, and a store of value.

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The total revenue received by all three levels of government (federal, state, and local) in the form of taxes and tariffs.

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A financial institution that accepts deposits from the public and creates credit.

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Markets where people trade the property rights to assets (like real estate or stocks) or where savers lend money to borrowers.

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Economies of scale:that enterprises obtain as a result of the increased efficiency offered by a certain scale of operation (typically measured by amount of output produced), with cost per unit of output decreasing with increasing scale. At the basis of economies of scale there may be technical, statistical, organizational, or related factors to the degree of market control.

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A measure of how the overall level of prices in the economy changes over time. If the inflation rate is positive, prices are rising; if the inflation rate is negative, prices are falling.

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Total money owed.

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A graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve; and profit maximizing firms use cost curves to decide output quantities.

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A market in which many sellers compete against each other to attract customers. Each seller has an incentive to sell at the lowest price possible to attract customers, so prices tend to be driven so low that the sellers can just barely make a profit.

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The application of economic theory and econometrics in specific settings. As one of the two sets of fields of economics (the other being the core)

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A durable good that is used in the production of goods or services. Capital goods are one of the three types of producer goods, the other two being land and labour, which are also known collectively as primary factors of production.