| A | B |
|---|
| need | something that a person must have to live |
| want | something that a person would like to have, but can live without |
| barter | to trade one kind of good or service for another |
| producer | people who make goods or services to sell |
| consumer | a buyer of goods or services |
| free enterprise system | businesses choose what to make and operate on supply and demand |
| profit | the money a business person has left over after all the costs of the businesses are paid |
| supply | the quantity of an item that sellers are willing to offer at different prices |
| demand | quantity of an item that consumers are willing to buy at different prices |
| Demand is high, but supply is low | Very high prices |
| Demand is low, but supply is high | Low prices |
| Opportunity cost | what you give up when you choose one thing over another |
