The main cornerstone in Economics is demand and supply . Demand (via Law of Demand) Looking just at price and quantity and all other things equal, Law of Demand is when the price of a good rises then quantity demanded of that good falls or when the price of a good falls then quantity demanded of that good rises. Supply (via Law of Supply) Looking just at price and quantity and all other things equal, Law of Supply  is when the price  of a good rises then quantity suppl

This post defines primary terms involving Economics. These terms are the beginning concepts for learning the subject matter. They are Economics, Economist, Microeconomics, Microeconomist, Macroeconomics, and Macroeconomist. This and other posts on this website are for people wanting to understand Economics quick and easy.