4 Demand & Supply

Market, willingness-to-pay, law of demand, buyers, consumers, law of supply, sellers, producers, ceteris paribus, wage rate, labour market, equilibrium, shortage, surplus, competition, invisible hand, efficiency, circular flow diagram, factors of production, platform economy, uberization, first-mover advantage, network effect, economies of scale, concentration of power, free market, bottom-up, barriers to entry, negative externality, positive externality, sin tax, corrective tax, pollution, private cost, social cost, excise tax, tradable permits.