Public Finance

the field of economics that deals with budgeting the revenues and expenditures of a public sector entity, usually government.

Market Equilibrium

where quantity supplied equals quantity demanded, the intersection of the supply and demand curves in the figure above.

Supply

relation between the price of a good and the quantity available for sale at that price.

Demand

the relation of the quantity that all buyers would be prepared to purchase at each unit price of the good.

Efficiency

improved if more output is generated without changing inputs, or in other words, the amount of "waste" is reduced.

Production

conversion of inputs into outputs.

Economics

social science that analyzes the production, distribution, and consumption of goods and services.