Sure, here are some additional economic terms with explanations and real-life examples:

1. Marginal utility: The additional satisfaction or benefit that a person receives from consuming an additional unit of a good or service. For example, a person may receive a high level of satisfaction from eating one slice of pizza, but the marginal utility of the second slice may be lower because the person is already somewhat satisfied.
2. Elasticity: The responsiveness of demand or supply to changes in price or income. For example, if the price of a good increases, the quantity demanded may decrease if the demand is elastic, but it may not change much if the demand is inelastic. Similarly, if the price of a good increases, the quantity supplied may increase if the supply is elastic, but it may not change much if the supply is inelastic.
3. Opportunity cost: The value of the next best alternative that is forgone when making a decision. For example, if a person decides to go to college instead of working full-time, the opportunity cost is the income that they could have earned if they had worked instead.
4. Price ceiling: A legal maximum price that can be charged for a good or service. For example, rent control laws in some cities may set a maximum rent that landlords can charge for apartments.
5. Monopoly: A market structure in which there is only one seller of a good or service. For example, the electric company in a small town may have a monopoly because it's the only company that provides electricity.
6. Inflation: A sustained increase in the general price level of goods and services in an economy over time. For example, if the price of a basket of goods and services increases from $100 to $110 over a year, the inflation rate is 10%.
7. Fiscal policy: The use of government spending and taxation to influence the economy. For example, the government may increase spending during a recession to stimulate the economy, or it may increase taxes during an inflationary period to reduce aggregate demand.

These are just a few examples of economic terms that are used to describe various aspects of the economy. Understanding these terms can help individuals make better decisions in their personal and professional lives, as well as inform policy decisions that affect entire societies.
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