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The study of relationships and transactions between countries.

A simplified representation of economic behavior.

A possible structure that an economic model can take.

How people and businesses act in the economy.

Relationships and transactions between different countries.

A more complex type of math.

A simpler type of math.

Not constrained by a fixed number of variables or axes.

Constrained or limited by a specific two-axis system.

Describes the level of difficulty in a mathematical problem or subject.

A curve that shows the maximum combinations of two goods or services that can be produced with available resources and technology.

A line that represents the combinations of goods that cost the same; a line on a graph; shows what the consumers can afford.

The various combinations of products consumers desire to have.

When a production possibility frontier is tangent to the price line.

A graphic representation illustrating the relationship between the price of a good/service and the quantity consumers are willing and able to buy at that price.

Increase in supply of good S

Increase in production of a quantity of a good

Amount of a good (S) available

More good S is produced and available.

Graph showing relationship between quantity supplied and price of a product.

As you consume more of one good, you need more of the other good to maintain the same level of satisfaction.

Comparing the level of satisfaction derived from different goods.

One of the two goods being compared in terms of satisfaction.

The other good being compared in terms of satisfaction.

The rate at which one good can be substituted for another while maintaining a constant level of satisfaction.

The value of the next best alternative forgone when making a choice.

A specific type of good, represented as Q.

Another type of good, represented as P.

The monetary value required for obtaining a good.

The quantity of good Q at a certain point, presented with a value of 3.