Glossary

These terms are commonly used by Economists.  You really need to know them in order to understand what is being said by them.  If we're going to figure out how to make a better life for all we will have to apply working economic principles and improve our models.  For the most part when I mention "goods" you should think "goods or services".  I'm using the shorthand to reduce verbage.

Common Good -- A good that is Rivalrous but not Excludable. See https://www.e-education.psu.edu/geog432/node/277.

Demand -- The quantity a particular good people would be willing to acquire at a give exchange rate.  See http://www.investorwords.com/1396/demand.html.

Inferior Good -- A good whose demand falls as income increases due to a preferred substitute.  See http://moneyterms.co.uk/inferior-good/

Elasticity -- The way two economic variables relate to each other.  See http://en.wikipedia.org/wiki/Elasticity_(economics). 

Excludable -- A good whose access can be prevented.  See https://www.e-education.psu.edu/geog432/node/277.

Externality --  An externality is of a cost or benefit not factored into the market for a good or service.  See  http://en.wikipedia.org/wiki/Negative_externalities.

Friction -- Extranious fources negatively affecting economic activity.  See http://en.wordpress.com/tag/economic-friction/.

Free Market -- A market where all participants voluntarily participate.  See http://www.econlib.org/library/Enc/FreeMarket.html.  (Be careful to tease out value judgements.)

Griffen Good -- A good whose demand goes up with price.  See http://economics.about.com/cs/economicsglossary/g/giffen_good.htm (the web site comments: " Mainly a theoretical concept, but there have arguably been goods with this property."  If one thinks about superior and inferior goods one can see how this happens.  It is the opposite of an increase of income.)

Market -- A way to exchange goods and set the exchange rate.  See http://en.wikipedia.org/wiki/Market.

Money -- The quantisized standard good against which a set of marketed goods exchange rate is set.  See http://www.thefreedictionary.com/money.

Monitization -- The process of setting a monitary value on a good.  See http://en.wikipedia.org/wiki/Monetization.

Moral Hazzard -- Moral Hazzard is the concept of potential costs incurred for risks taken by an individual that won't be felt by the person taking the risk. See http://en.wikipedia.org/wiki/Moral_hazard.

Private Good -- A good that is both Exludable and Rivalrous.  See https://www.e-education.psu.edu/geog432/node/277.

Public Good -- A good that neither Excludable or Rivalrous.  See https://www.e-education.psu.edu/geog432/node/277.

Rivalrous -- The impact of the consumption by one individual on the consumption or enjoyment of the same by others.  See http://www.unc.edu/~perreira/guide5.html.  (This website makes some value judgements not made by the one mentioned under "Private Good".  I include the mention so one can see the variation in the conceptualization of economic terms, even at universities.)

Scarce Resource -- A scarce good or service uses in production.  For more see http://glossary.econguru.com/economic-term/scarce+resource.

Scarcity -- Scarcity is the rarity of a good or service relative to the demand for it.  For more see http://www.investopedia.com/terms/s/scarcity.asp#axzz2LlkaMdvj but be careful because contrary to the assertion on that page people's want for particular goods and services isn't unlimited.

Superior Good -- A preferred good that becomes affordable with increased income.  See http://www.businessdictionary.com/definition/superior-good.html

Supply -- The quantity of a good people are willing to provide at a particular exchange rate.  See http://www.netmba.com/econ/micro/supply-demand/.

Toll Good -- A good that is Excludable but not Rivalrous.  See https://www.e-education.psu.edu/geog432/node/277.