| A | B |
|---|
| Demand | The amount of a good or service that consumers are willing and able to to buy at a given price |
| Elastic demand | The state in which a price increase causes a large change in demand |
| Inelastic Demand | The state in which a price increase has little effect on demand |
| luxury | Something that gives people pleasure that is not really needed |
| Necessity | Something a person needs to live |
| Substitute | A product that can be used in place of another product |
| Utility | The usefulness or satisfaction a consumer gets from a product |
| Bottom line | How much profit a business makes |
