| A | B |
|---|
| Profit | the amount of money made after costs and exspenses have been covered |
| Demand | the amount of an item that consumers are willing to buy at a given price |
| Supply | the amount of an item producers are willing to produce and sell at a given price |
| Economic Utilities | refer to the concept of adding value to a product through form, place, time, possesion and information |
| Economic Services | tangible items of monetary value. Examples include: haircut, shoe shine or house cleaning |
| Economic Goods | Tangible items of monetary value. examples include: pizza, sneakers and cars |
| Inflation | occurs when prices rise. low ___ is characteristic of a stable econmony |
| Gross Domestic Product (GDP) | a measure of the total output of goods and services that are produced by a country |
| Shortage | Occurs when demand exceeds supply |
| Surplus | occurs when supply exceeds demand |
| Scarcity | the economic term for limited resources |
