Ceramic substrate and electronic component

A ceramic substrate, comprising:

• a base body including a ceramic layer;
• at least one inner conductor in the base body;
• a terminal electrode including a first electrode in contact with an outer surface of the base body and a second electrode covering a surface of the first electrode, the terminal electrode being electrically connected to the at least one inner conductor;
• and
• an insulating layer covering at least a portion of an outer periphery of the first electrode and a portion of the outer surface of the base body,
• the ceramic substrate including a section where the first electrode, the insulating layer, and the second electrode overlap in this order from the outer surface of the base body in a thickness direction orthogonal to the outer surface of the base body,
• the first electrode having a non-conductive component content of from 3% by weight to 40% by weight,
• the second electrode having a non-conductive component content of from 0% by weight to 10% by weight, and
• the non-conductive component content of the first electrode being equal to or greater than the non-conductive component content of the second electrode.