Define the following terms in an economic context.

Proficiency should be non-technical but to the degree that you could employ the word in an everyday conversation yet retain economic meaning.

• Do Not Change the meaning of the terms.
• Please retain numerical order.

1. Accounting Profit
2. Analytical Graph
3. Average Cost
4. Average Fixed Cost
5. Average Total Cost
6. Balance Sheet
7. Bond
8. Budget
9. Capital
10. Ceteris paribus
11. Complement
12. Consumer Surplus
13. Consumption
14. Cost
15. Cyclical
16. Deficit
17. Demand
18. Dependent Variable
19. Discount Factor
20. Discount Rate
21. Dow Jones Industrial Average
22. Economic Profit
23. Elastic
24. Endogenous
25. Equilibrium
26. Exchange Rate
27. Exchange Traded Fund
28. Exogenous
29. Explicit Costs
30. Federal Funds Rate
31. Federal Reserve System
32. Fiscal
33. Fixed Cost
34. Flow Variable
35. Future Value
36. Gross Domestic Product
37. Horizontal Axis
38. Implicit Cost
39. Income Effect
40. Independent Variable
41. Index Fund
42. Inelastic
43. Inflation
44. Interest rate
45. Investment
46. Labor
47. Marginal Cost
48. Marginal Revenue
49. NASDAQ Index
50. Nominal Variable
51. Normative Economics
52. Open Market Operations
53. Positive Economics
54. Present Value
55. Producer Surplus
56. Productivity
57. Quota
58. Real Variable
59. Salvage Value
60. Savings
61. Standard & Poors Index
62. Stock Variable
63. Substitute
64. Substitution Effect
65. Sunk Cost
66. Supply
67. Tariff
68. Time Series Graph
69. Total Cost
70. Total Fixed Cost
71. Total Variable Cost
72. Treasury Department
73. Variable Cost
74. Vertical Axis
75. Wage Rate
76. Adverse Selection
77. Moral Hazard
78. Externality
79. Pareto Efficiency
80. Rivalrous
81. Opportunity Cost