| A | B |
|---|
| Supply | How much of a good or service |
| Demand | An individual's need or desire for a good or service |
| Profit Motive | the desire to make money |
| Law of Supply | As the price of a particular good increases, the supply for that item will also increase |
| Price | the amount of which a good will be sold |
| Equilibrium price | occurs when the supply equals the demand |
| Suppy and Demand graph | shows the supply and demand over a length of time |
| Partnership | owned by two or more people |
| when price is above the equilibrium | fewer people are willing to buy |
| when price is below the equilibrium | more people are willing to buy |
| competition | sellers compete to make a profit |
| McDonalds number one competitor | Burger King |
| Coke's number one competitor is | Pepsi |
| Walmarts competitors are | Target and Kmart |
