| A | B |
|---|
| Land | Everything contained in the earth or found in the sea |
| Law of Supply & Demand | Supply increases when demand is great; Supply decreases when demand is low |
| Nonprice competition | Competition on the basis of factors NOT related to price |
| Price competition | Competition based on the selling price of a product |
| Profit | Money left over after expenses and taxes have been decucted from sales |
| Scarcity | Not enough goods available to meet all wants and needs |
| Shopping goods | Usually expensive products, lots of comparison shopping |
| Specialty goods | Well known to customer because of high quality, brand name, etc. |
| Supply | Amount of goods producers are willing to produce and sell |
