| A | B |
|---|
| Market Structure | Nature and degree of competition among businesses operating in the same industry |
| Supply | Amount of goods or services that producers are willing to provide |
| Entrepreneur | Individual who undertakes the creation, organization, and ownership of a business |
| Goods | Physical products that satisfy consumers' wants or needs |
| Profit | Money left over after all expenses of running a business have been deducted from the income |
| Equilibrium | Point at which consumers buy all of a product that is supplied |
| Demand | Quantity of goods or services that consumers are willing and able to buy at various places |
| Scarcity | Difference between demand and supply |
| Free Enterprise System | Economic system found in most democratic nations |
| Need | A basic requirement for survival |
| Services | Nonphysical products that satisfy consumers' wants and needs |
| Entrepreneurial | Process of recognizing and testing an opportunity and gathering resources necessary to go into business |
| Venture | A new business undertaking that involves risk |
| Economics | Study of how people allocate scarce resources to fulfill their unlimited wants |
| Business Cycle | General pattern of an economy's expansion and contraction |
| Diminishing Marginal Utility | Effect or law that establishes that price alone does not determine demand |
| Factors of Production | Resources businesses use to produce goods and services |
| Inelastic Demand | Situations in which a change in price has little or no effect on demand |
| Monopoly | Market structure in which a particular commodity has one seller |
| Elastic Demand | Situations in which a change in prices creates a change in demand |
| Oligopoly | Market structure in which there are just a few competing firms |
| Gross Domestic Product | The total market value of all goods and services produced within a nation during a given period |
| Want | Something that you do not have to have a survival, but would like to have |
