| A | B |
|---|
| Supply | the quantity or the amount of a product that is offered for sale |
| Demand | the quantity or amount of a product that consumers want to buy |
| Surplus | More of a product than a producer can sell |
| Shortage | Not enough of a product that consumers want to buy |
| Market Price | a price that most consumers will pay for a good or service |
| Profit | amount of money left in a business after all the costs of production have been paid |
| Consumers | People who buy and use goods and services |
| Producers | People who make goods or offer a service |
| Philanthropy | Promoting the welfare of people by giving to charities--schools, earthquake victims, handicapped, and poor people |
| Specialization | When people or companies do one particular job or sell one item |
| Divided Labor | When each worker does a special job, then passes the work on to the next person |
| Interdependence | The quality of being dependent on another person for someithinbg; a need for each other is an example of interdependence |
| Good | a tangible thing that satisfies people's wants--something you can touch |
| Service | Work done or duty performed for others |
| Land Resources | Water, air, oil, tres, plants, animals, land |
| Labor Resources | People, Oxen that work, Cutting horses, Robots |
| Capital Resources | Things used to produce goods such as tools, factories, machines, highways, money |
| Entrepreneurship | The resource of the person's mind who creates and takes the risk to start a business |
| Opportunity Cost | the cost of giving up one thing in order to get something else |
| Scarcity | Not enough of something that everyone wants |
| Law of Supply | businesses will produce more goods at higher prices than they will produce at lower prices |
| Law of Demand | people will buy more goods at lower prices than they will buy at higher prices |
| Slogans & Jingles | Both of these use short, catch phrases that help us remember a product. The difference between a slogan an a jingle is that a jingle put their words to music. |
| Endoresments/Testimonials | This techinque involves a person saying that they use a certain product. |
| Emotional Appeal | This method tells how a product will make your life or your family's lives better--more exciting, cool, fun, etc. |
| Price Comparisons | This technique tells you how buying this product will save you money. Look for words & phrases such as: SALE; COSTS LESS THAN; etc |
| Quality Comparisons | This method explains how a product is better than others. GUARANTEED,FACTORY WARRNTY, CLEANEST, etc. |
