Every field of study has its own terminology Mathematics axioms integrals vector spaces Psychology

Economy. . . . . . The word economy comes from a Greek word for “one who manages a household

Elasticity . . . … is a measure of how much buyers and sellers respond to changes in market conditions … allows us to analyze supply and demand with greater precision

In a free, unregulated market system, market forces establish equilibrium prices and exchange quantities. While equilibrium conditions may be efficient, it may be true that not everyone is satisfied

The Costs of Taxation How do taxes affect the economic well- being of market participants?

International Trade What determines whether a country imports or exports a good?

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