| A | B |
|---|
| Demand | Amount of goods/services consumers are willing/able to buy. |
| Supply | Amount of goods/services producers are willing/able to provide. |
| Consumer | Buyers/users of products and services. |
| Market | Any place goods and services are bought and sold. |
| Price | The amount producers ask and consumers pay for a product or service. |
| Equilibrium | The market price; where supply meets demand. |
| Shortage | When consumers demand more that producers make; scarcity. |
| Surplus | Over-supply; when producers make more of a product than consumers buy. |
| Generic | Products that are unbranded and sold at reduced prices. |
| Outlet | Store that sells surplus or off-price goods. |
| Superstore | Very large store which sells a large variety of products. |
| Discretionary | Income used to purchase items to meet wants. |
| Rent | Example of a payment made with non-discretionary income. |
| Retailer | Sells directly to the public. |
| Wholesaler | Sells to retailers. |
| Convenience | Goods consumers buy regularly without much effort. |
| Specialty | Goods consumers select by brand or company; usually expensive. |
| Socialism | A mixed economy; major industries owned by government, others by individuals. |
| Communism | A controlled economy. Government makes all decisions on what to produce. |
| Traditionalism | An economy in which activities are conducted as they have been for generations. |
