Economics Terminology

noun a noun is a person, place, thing, or idea. In this case, 'concavity' is a noun referring to the quality of being concave or having a surface that curves inward.

• The concavity of the parabola can be determined by looking at the sign of the coefficient of the x^2 term.
• The concavity of this graph makes it look like a smiley face.
• The concavity of the road ahead is no joke, so drive carefully.
• Her concavity towards authority figures was evident in the way she always followed the rules.

noun the quality of being elastic; the ability of an object or material to resume its shape after being stretched or compressed

• The concept of price elasticity of demand measures how sensitive consumers are to changes in price.
• I heard that the elasticity of that rubber band is really strong.
• I can't believe the elasticity of those leggings, they are so stretchy!
• The elasticity of her schedule allowed her to easily adapt to last-minute changes.

noun a material or substance that is inelastic

adjective not capable of being stretched or expanded; rigid

• The demand for basic necessities like food and water is considered inelastic because people will always need them regardless of price changes.
• I heard that the price of gas is inelastic, which means it doesn't really change much even when there's a shortage.
• My mom's rule about curfew is totally inelastic - she never lets me stay out past midnight no matter what.
• Her commitment to her principles is inelastic, she never wavers no matter how difficult the situation gets.

noun an excessive amount of something

verb not applicable

adjective not applicable

adverb not applicable

pronoun not applicable

preposition not applicable

conjunction not applicable

interjection not applicable

article not applicable

• The oversupply of goods in the market led to a decrease in prices.
• There were too many products, so prices went down.
• We had an oversupply of stuff, so everything got cheaper.
• Her generosity was like an oversupply of kindness that warmed everyone's hearts.

noun a sum of money or other consideration given or exchanged for the purchase of a service, product, or rights

• The price of the new product is set at $50.
• How much is the price for that shirt?
• What's the price tag on those sneakers?
• The price of success is hard work and dedication.

verb to sell something for a lower price than a competitor

• The company decided to undersell their competitors in order to gain market share.
• I think we can undersell them if we offer a better deal.
• Let's lowball them and undersell the competition.
• She always undersells her own abilities, but she is actually very talented.

noun A word that represents a person, place, thing, or idea.

• Economics is often referred to as the dismal science due to its focus on scarcity and resource allocation.
• They call economics the dismal science because it's all about money and numbers.
• Econ is known as the dismal science because it's all about that cash flow.
• To some, economics is the dismal science because it can be quite depressing to analyze the distribution of wealth.

noun a noun is a word that represents a person, place, thing, or idea

adjective an adjective is a word that describes or modifies a noun or pronoun

adverb an adverb is a word that modifies a verb, adjective, or other adverb

preposition a preposition is a word that shows the relationship between a noun or pronoun and other words in a sentence

• The price in the current market is quite competitive.
• Have you checked out the price in other stores yet?
• What's the price in this joint?
• The price in terms of time and effort is too high for me to consider.

noun a word that represents a person, place, thing, or idea

preposition a word that shows the relationship between a noun or pronoun and other words in a sentence

• The project will be evaluated in terms of its impact on the overall business objectives.
• Let's think about this in terms of how it will affect our sales numbers.
• I don't see the point in terms of making a big deal out of it.
• She sees the world in terms of black and white, with no room for gray areas.

noun a price set by a government or other authority rather than by market forces

• The government sets the administered price for essential goods to ensure fair pricing for consumers.
• The administered price for movie tickets is way too high these days.
• I can't believe the administered price for that new phone is through the roof!
• In the world of luxury fashion, the administered price for designer handbags is always sky-high.

noun the process of a person seeking insurance coverage being more likely to have high-risk characteristics, which can lead to higher premiums or denial of coverage

• The insurance company had to adjust their policies to account for adverse selection among their customers.
• The car dealership was worried about adverse selection when offering a discount to anyone who traded in their old vehicle.
• The team captain knew there was some adverse selection going on when picking players for the game.
• In the world of investing, adverse selection can be like trying to find a needle in a haystack.