| A | B |
|---|
| VALUE | decision to use resources in a way that results in the greatest satisfaction of wants and needs |
| SCARCITY | unlimited wants and limited resources |
| THE LAW OF DEMAND | when the price of a product is increased, less will be demanded; when the price is decreased, more will be demanded |
| MONOPOLY | one supplier offering a unique product |
| PLACE UTILITY | making products and services available where the consumer wants them |
| THE LAW OF SUPPLY | when the price of a product is increased, more will be supplied; when the price is decreased, less will be supplied |
| ECONOMIC MARKET | all consumers who will purchase a product or service |
| MACROECONOMICS | economic behavior and relationships of societies |
| DEMAND | quantity of a product consumers are willing and able to buy at a specific price |
| REGULATED ECONOMIES | resources and decisions are shared between the government and individuals |
| DEMAND CURVE | relationship between price and quantity demanded |
| PURE COMPETITION | large number of suppliers offering very similar products |
| PRIVATE ENTERPRISE | decisions are made by businesses and consumers with only a limited government role regulating those relationships |
| FORM UTILITY | changing the tangible parts of a product/service |
| MARKET PRICE | the point where supply and demand for a product are equal |
| SUPPLY CURVE | relationship between price and quantity supplied |
| OLIGOPOLY | a few businesses offering very similar products/services |
| ECONOMIC UTILITY | amount of satisfactiona consumer receives from the consumption of a particular product or service |
| SUPPLY | quantity of a products that producers are willing and able to provide at a specific price |
| CONTROLLED ECONOMY | government attempts to own and control important resources and to make the decisions about what will be produced |
| ECONOMIC RESOURCES | include natural, capital, equipment, labor |
| TIME UTILITY | making the product available when the customer wants it |
| MICROECONOMICS | economic leve which studies the relationship between producers and consumers |
| MONOPOLISTIC COMPETITION | many firms competing with products that have minor differences |
| PROFIT MOTIVE | a producer's decision to use resources in a way that results in the greatest profit |
| FREE ECONOMY | all resources are owned by individuals, there is no regulation by the government |
| POSSESSION UTILITY | the affordability of a product/service |
