===Easy===
*'''definitions''': **economics, **competition, **efficiency, **microeconomics (the study of individual “micro” market decisions, companies, consumers)*'''scarcity ''' (when "wants" exceed free availability of the good; scarcity is what makes economics meaningful)*'''opportunity cost'''*'''transaction cost'''*'''rational economic action'''*'''P (price) & Q (quantity or output)'''*'''graphing supply and demand curves ''' (with P on y-axis, and Q on x-axis)*'''supply meets demand: this defines the market price and quantity in a free, competitive market'''*'''demand side'''*'''Law of Demand: ''' when price goes up, then demand goes down. '''YOU MUST USE THIS LAW.'''*'''equilibrium'''*'''supply side'''*'''concept of a "firm" ''' = company = supplier = seller*'''"inputs" into production ''' by a firm*'''fixed costs ''' (FC) (these are costs that do not vary with a company’s output. Examples: rental payments, taxicab license fee)*'''variable costs ''' (VC) (costs that do vary directly with output. Examples: fuel, labor)*'''marginal benefit ''' of a firm’s output decision for producing one more Q: marginal benefit is P (price it is sold at)*stated another way: '''point at which firms sell their goods (where MR=MC)'''*'''utility'''*'''net benefits ''' (excess of benefits over costs)*'''substitutes'''*'''complements'''*'''accounting profit ''' (total revenue minus explicit cost)*'''economic profit ''' (total revenue minus both explicit and implicit costs)*'''short run ''' (period when only some inputs are increased in order to increase output; e.g. overtime)*'''long run ''' (period when any and all inputs are increased to increase output; e.g., build new stadium)*'''time is money'''*'''inflation''', CPI (consumer price index for a "basket" of basic goods, in order to measure inflation)*'''Gresham's Law ''' (bad money drives out good)
===Medium===