Glossary of terms Positive and Normative Economics Factors of Production Scarcity Opportunity Cost The Production Possibility Frontier (PPF) Specialisation and the Division of Labour Short Run and Long Run Economies of Scale Comparative and Absolute Advantage and links The Demand for Goods and Services and links The Supply of Goods and Services The Equilibrium of Demand and Supply and linksy Consumer Surplus Producer Surplus Price Elasticity of Demand Income Elasticity of Demand Cross Price Elasticity of Demand Price Elasticity of Supply Demand and Supply Analysis in Product and Factor Markets: Labour Markets Housing Markets Exchange rates (Money Markets) Entry and Exit of Firms Government Intervention in Markets: Minimum Prices Maximum Prices Agricultural Markets Indirect Taxes Indirect Subsidies Economic Systems