Economics is a complex field with many specialized terms and concepts. Here is a glossary of some key terms and concepts in economics: Supply and Demand: Supply: The quantity of a good or service that producers are willing and able to offer for sale at different prices over a specified period. Demand: The quantity of a good or service that consumers are willing and able to purchase at different prices over a specified period. Market: Market: A place or mechanism where buyers and sellers interact to exchange goods and services. Price Elasticity: Price Elasticity of Demand: A measure of how sensitive the quantity demanded of a good is to changes in its price. Utility: Utility: The satisfaction or benefit that individuals derive from consuming goods and services. Inflation: Inflation: The increase in the general price level of goods and services in an economy over a period of time, resulting in a decrease in the purchasing power of money.