1. Scarcity

2. Shortage

3. Capital

4. Physical capital

5. Human capital

6. Opportunity cost

7. Standard of living

8. Traditional economy

9. Market economy

10. Centrally planned economy

11. Command economy

12. Mixed economy

13. competition

14. Invisible hand

15. Consumer sovereignty

16. Socialism

17. communism

18. Laissez faire

19. Private property

20. demand

21. Law of demand

22. Income effect

23. Inferior good

24. complements

25. substitutes

26. inelastic

27. elastic

28. supply

29. Law of supply

30. Quantity supplied

31. Elasticity of supply

32. Marginal product of labor

33. Increasing marginal returns

34. Fixed cost

35. Marginal cost

36. Operating cost

37. subsidy

38. regulation

39. equilibrium

40. Excess demand

41. Excess supply

42. Price ceiling

43. Price floor

44. Rent control

45. surplus

46. shortage

47. Supply shock

48. rationing

49. Zoning law

50. liability

51. Fringe benefit

52. Articles of partnership

53. Uniform Partnership Act (UPA

54. General paartnership

55. Limited partnership

56. Limited liability partnership (LLP)

57. assets

58. corporation

59. stock

60. Closely held corporation

61. Publicly held corporation

62. bond

63. Horizontal merger

64. Vertical merger

65. conglomerate

66. Multinational corporation (MNC)