Describe the following thirty-six key concepts:

• Opportunity cost:
• Economic law:
• Marginalism:
• Positive analysis:
• Normative analysis:
• Production possibility frontier:
• Theory of comparative advantage:
• Law of increasing opportunity cost:
• The marginal rate of transformation:
• Productive efficiency:
• Scarcity:
• Shortage:
• Surplus:
• Glut:
• Quantity supplied:
• Quantity demanded:
• Market equilibrium:
• Price gouging:
• Sticky prices:
• Marginal benefit:
• Marginal cost:
• Net benefit:
• Price rationing:
• Ration coupons:
• Another rationing method:
• Black markets/scalping:
• Willingness to pay :
• Short side rule:
• Productivity:
• Monetarism:
• Inflation:
• Deflation:
• Hyperinflation:
• Expansionary monetary policy:
• Contractionary monetary policy:
• Contractionary fiscal policy:

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The thirtysix key concepts Opportunity cost The resources are scarce with multiple uses Thus when a resource is employed for one use the net benefits from another alternative is foregone which is refe... View the full answer