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Economics key terms flash cards
Twenty-two core economics terms, from scarcity and opportunity cost to inflation, GDP and fiscal policy, each explained in plain language with a quick example.
Free to use, edit, print and study. No account needed: your set stays on this device.
The cards, front and back
- 1Front
Scarcity
BackThe basic economic problem: wants are unlimited but the resources to satisfy them are limited, so choices must be made.
- 2Front
Opportunity cost
BackThe value of the next best alternative given up when you make a choice. If you spend an evening studying instead of working a paid shift, the lost wages are the opportunity cost.
- 3Front
Factors of production
BackThe resources used to produce goods and services:
- Land: natural resources
- Labour: human effort
- Capital: tools, machines and buildings
- Enterprise: the risk-taking that organises the others
- 4Front
Microeconomics vs macroeconomics
BackMicroeconomics studies individual consumers, firms and markets. Macroeconomics studies the economy as a whole, such as growth, unemployment and inflation.
- 5Front
Law of demand
BackOther things being equal, as the price of a good rises, the quantity demanded falls, and as the price falls, the quantity demanded rises.
- 6Front
Law of supply
BackOther things being equal, as the price of a good rises, producers are willing to supply more of it.
- 7Front
Market equilibrium
BackThe price at which the quantity demanded equals the quantity supplied, so there is no shortage or surplus.
- 8Front
Price elasticity of demand
BackHow much the quantity demanded responds to a change in price. Demand is elastic if quantity changes by a larger percentage than price, and inelastic if it changes by a smaller percentage.
- 9Front
Complements and substitutes
BackComplements are goods used together, like printers and ink. Substitutes are goods used instead of each other, like tea and coffee.
- 10Front
Market failure
BackWhen a free market does not allocate resources efficiently, for example because of pollution, public goods or a lack of information.
- 11Front
Externality
BackA cost or benefit that affects a third party not involved in the transaction. Pollution is a negative externality; vaccination that protects others is a positive one.
- 12Front
Public good
BackA good that is non-excludable (you cannot stop people using it) and non-rival (one person's use does not reduce another's), such as street lighting or national defence.
- 13Front
Monopoly
BackA market with a single seller, or one firm that dominates the market, often able to charge higher prices than in a competitive market.
- 14Front
Gross domestic product (GDP)
BackThe total value of all final goods and services produced in a country in a given period. It is the main measure of the size of an economy.
- 15Front
Economic growth
BackAn increase in a country's real GDP over time, meaning more goods and services are being produced after adjusting for inflation.
- 16Front
Inflation
BackA sustained rise in the general price level, which reduces the purchasing power of money. Many central banks target a low, stable rate.
- 17Front
Unemployment
BackPeople who are able and willing to work and actively looking for a job but cannot find one.
- 18Front
Recession
BackA significant fall in economic activity. A common rule of thumb is two consecutive quarters of falling real GDP.
- 19Front
Fiscal policy
BackGovernment decisions about taxation and public spending used to influence the economy.
- 20Front
Monetary policy
BackAction by a central bank, mainly setting interest rates and controlling the money supply, to influence inflation and economic activity.
- 21Front
Interest rate
BackThe cost of borrowing money, or the reward for saving it, expressed as a percentage per year.
- 22Front
Comparative advantage
BackA country has a comparative advantage when it can produce a good at a lower opportunity cost than another country. It explains why trade can benefit both sides.
How to use this template
This deck covers the core vocabulary you meet in the first year of economics, at school or in an introductory university course. It moves from basic ideas such as scarcity and opportunity cost through markets and market failure to the big macroeconomic measures. Each back gives a clear definition and, where useful, a quick everyday example. Start in Learn mode and try to give your own example before you flip each card. Then use Test mode and spaced repetition to lock the definitions in. Printing double-sided gives you cards for a quick oral quiz with a friend.
Tips
- Learn definitions word for word where your exam board rewards precise wording, such as for opportunity cost and GDP.
- Draw the supply and demand diagram while studying the market cards. Diagrams earn marks in most economics exams.
- Make up your own example for every term. Applying the idea shows you really understand it.
- Pair related cards: fiscal with monetary policy, complements with substitutes, inflation with interest rates.
- Read a news story about the economy each week and spot which terms appear in it.
Make it fit
- Add terms from your own syllabus, such as the multiplier, the Phillips curve or exchange rates.
- For a beginner class, keep only the first ten cards and add a worked example to each.
- Swap examples for local ones, using your own country's central bank or tax system.
- Split the deck into microeconomics and macroeconomics sets for separate revision sessions.
Updated October 28, 2026