| A | B |
|---|
| consumer | A person who buys or uses a good or service |
| consumer economics | Study of the role consumers play in an economic system |
| opportunity cost | the value of the next best alternative that you give up when you buy something |
| equilibrium price | the price at which the qunatity of a product supplied exactly equals the quantity demanded of that product |
| resources | what businesses use to produce goods and services |
| rational buying decision | what a decision making process will help you make |
| command economy | the government owns most resources and makes most economic decisions |
| economics | the study of how economic systems work |
| demand | the quantities of a good or service that consumers are willing and able to buy at various prices during a given time period |
| mixed economy | has characteristics of a market and a command economy |
| profit | the difference between the cost of creating the product and the money received from selling it |
| wants | the things you would like but can live without |
| goals | the things you want to accomplish in life |
| production | the creation of goods and services |
| law of demand | economic law that says that consumers will demand more of a product at a lower price than at a higher price |
| values | standards by which you live |
