| A | B |
|---|
| Competition | A rivalry between businesses to attract scarce consumer dollars. |
| Demand | The number of products consumers are willing to buy at a given time and a given price. |
| Direct Competition | Competition between businesses that have similar formats and sell similar products. |
| Elastic Demand | Demand that is sensitive to a change in price of the product. |
| Fixed Costs | Costs that remain constant over a period of time regardless of sales volume. |
| Indirect Competition | Competition between businesses that have dissimilar formats and sell dissimilar products. |
| Inelastic Demand | Demand that is not sensitive to a change in price of the product. |
| Market Price | The price that prevails in the market for a particular good at a specific time. |
| Nonprice Competition | Competition based on factors other than price as a means to attract customers. |
| Opportunity Cost | The opportunity cost is the option that is given up when a consumer chooses one product/service over another. |
| Price | The amount charged to customers in exchange for goods and services |
| Price Competition | Competition that uses price as the primary means to attract customers. |
| Supply | The number of products manufacturers are willing to produce at a given time and at a given price. |
| Variable Costs | Costs that vary based on sales volume or changes in business needs. |
