Supply and Demand
Is there such a thing as "perfect inelasticity"? No! At some point, you won't be able to buy a particular good because the price is too high. There's a substitute for everything, although it might not be completely desirable.
We use income elasticity of demand to determine whether goods are normal or inferior. We use cross price elasticity of demand to tell us when goods are substitutes and complements.
Law of Supply: when the price of a good rises, suppliers will make more of it (there are exceptions)
Quantity Supplied: the number of goods you are willing and able to produce
For something to be a cost, it has to be tied to an action. There is a difference between "How much does a college education cost?" and "How much does it cost to obtain a college education?" because you're taking the opportunity costs and sacrificed opportunities into consideration. Costs have to be costs to someone.
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