Absolute (Money) Price

Structural Unemployment
Unemployment due to structural changes in
the economy that eliminate some jobs and
create others for which the unemployed are
unqualified.
Subprime Mortgage Loans
Nontraditional mortgage loans granted to
persons who might have low credit ratings
or some other factors that suggest they could
default on the debt repayment.
Subsidy A monetary payment by government to a producer of a good or service.
Substitutes Two goods that satisfy similar
needs or desires. If two goods are substitutes,
the demand for one rises as the price of the
other rises (or the demand for one falls as
the price of the other falls).
Sunk Cost A cost incurred in the past that
cannot be changed by current decisions and
therefore cannot be recovered.
Supply Schedule The numerical tabulation of the quantity supplied of a good at
different prices; the numerical representation
of the law of supply.
Supply The willingness and ability of
sellers to produce and offer to sell different
quantities of a good at different prices
during a specific time period.
Surplus (Excess Supply) A condition in
which the quantity supplied is greater than
the quantity demanded. Surpluses occur
only at prices above equilibrium price.
T
Tariff A tax on imports.
Tax Base In terms of income taxes, the
total amount of taxable income. Tax revenue