| A | B |
|---|
| FACTORS OF PRODUCTION | LAND/LABOR CAPITAL/MANAGEMENT |
| RAW MATERIALS | NATURES GIFTS |
| ECONOMIST | STUDIES USE OF GOODS AND SERVICES |
| Total Revenue | A product's price multiplied by the number of units sold |
| Buying power | The power to buy |
| Change in demand | People want to buy less of a product at all possible prices |
| Price elasticity of demand | Describes how much a change inprice affects the quantity demanded |
| Substitute good | Something used in place of a particular product |
| Decrease | less |
| Downward | Opposite of upward |
| Demand | Various amounts you're ready to buy at different prices |
| Market demand | Demand in a market |
| Opportunity cost | Cost of giving up the next best alternative |
