| A | B |
|---|
| scarcity | human wants exceed production |
| demand | the quantity of a specific good that people are willing and able to buy at a certain time |
| supply | quantity of a good that seller will offer during a time period at a specific price |
| shortage | not enough supply to equal demand |
| surplus | to much supply compared to demand |
| market equilibrium | the place where supply and demand meet no shortage or surplus |
| intermediaries | specialize in cutting transaction costs of conveying goods from original producer to final consumer |
| arbitrage | buying something low in one market and selling high in another |
