⚖️Balance of Trade

The difference between a country's exports and imports.

🧠Behavioral Economics

The study of how psychological factors affect economic decisions.

📜Bond

A debt security where an investor lends money for a fixed return.

🚀Boom

A period of rapid economic expansion and high activity.

🔄Business Cycle

The recurring pattern of expansion and contraction in economic activity.

💥Bust

A period of sharp economic contraction following a boom.

🏭Capital

Man-made resources used in the production of goods and services.

🏦Central Bank

A national institution that manages a country's currency and monetary policy.

🏢Commercial Bank

A financial institution that accepts deposits and makes loans.

🐟Common Resource

A resource that is rivalrous but non-excludable, prone to overuse.

🛒Consumer Price Index

A measure tracking changes in the prices of a basket of goods.

🍽️Consumption

The use of goods and services by households to satisfy wants.

🧾Cost

The expenditure required to produce or acquire goods and services.

💳Debt

Money borrowed that must be repaid, often with interest.

🔻Deficit

The shortfall when spending exceeds revenue in a given period.

📉Deflation

A sustained decrease in the general price level of goods and services.

🛒Demand

The quantity of a good or service consumers are willing to buy at various prices.

📉Depression

A severe and prolonged downturn in economic activity.

📉Diminishing Returns

The principle that additional inputs yield progressively smaller output increases.

💵Disposable Income

Income remaining after taxes for spending or saving.

💰Dividend

A portion of a company's earnings distributed to shareholders.

📈Economic Growth

An increase in a country's production of goods and services over time.

📈Economies of Scale

Cost advantages gained by increasing the scale of production.

🧵Elasticity

A measure of how responsive quantity demanded or supplied is to price changes.

🚀Entrepreneurship

The initiative and risk-taking involved in starting and running a business.

⚖️Equilibrium

The market state where supply equals demand at a specific price.

💱Exchange Rate

The rate at which one currency can be exchanged for another.

🌍Externality

A cost or benefit of production or consumption imposed on third parties.

🧩Factors of Production

The resources land, labor, capital, and entrepreneurship used to produce goods.

🏛️Fiscal Policy

Government use of taxation and spending to influence the economy.