An inferior good is a type of good for which demand declines as the level of income or

real GDP in the economy increases.

An economic profit or loss is the difference between the revenue received from the sale of an
output and the opportunity cost of the inputs used. In calculating economic profit, opport
Demand that increases or decreases as the price of an item goes down or up. See also elasticity of
demand.
Cross elasticity of demand is an economic concept that measures the responsiveness in the
quantity demand of one good when a change in price takes place in another good.
Nominal interest rate refers to the interest rate before taking inflation into account.

Stagflation- A condition of slow economic growth and relatively high unemployment

An economic rule governing production which holds that if more variable input units are used
along with a certain amount of fixed inputs, the overall output might grow at a
faster rate initially, then at a steady rate, but ultimately, it will grow at a declining rate. The law
of diminishing marginal productivity needs to be taken
into account by manufacturing business managers who wish to expand production.
Many times, the equilibrium price is lower than the highest price some folks are willing to pay.
For all consumers, this is called consumer surplus. Similarly, the price might be higher than the
minimum price at which some are willing to produce. For all the producers, this is called
producer surplus.

Frictional unemployment is always present in the economy, resulting from temporary transitions
made by workers and employers or from workers and employers having inconsistent or
incomplete information
In economics, a multiplier is the factor by which gains in total output are greater than the change
in spending that caused it.
deflator shows how much a change in the base year's GDP relies upon changes in the price level.
An indifference curve is a graph showing combination of two goods that give the consumer equal
satisfaction and utility.

the budget line describes the boundary of affordability for a given budget and specific goods.

how sensitive the demand for a good is to changes in other economic variables,

An implicit cost is any cost that has already occurred but is not necessarily shown or
reported as a separate expense.
An explicit cost represents clear, obvious cash outflows from a business that reduce its
bottom-line profitability.