[{"term": "Supply", "definition": "The amount of a product or service available for sale."}, {"term": "Demand", "definition": "The desire and ability of consumers to buy a product or service."}, {"term": "Scarcity", "definition": "The condition of having limited resources to meet unlimited wants."}, {"term": "Opportunity Cost", "definition": "What you give up when you choose one option over another."}, {"term": "GDP", "definition": "Gross Domestic Product; the total value of goods and services produced in a country in a year."}, {"term": "Inflation", "definition": "A general increase in prices over time, reducing purchasing power."}]