| A | B |
|---|
| judgment | discretion |
| when price has little influence on demand for a product | inelastic demand |
| the degree to which demand is affected by price | demand elasticity |
| can be easily substituted for a good of equal value | fungible |
| the study of the decisions that go into making, distributing, and using goods and services | economics |
| distributes | allocates |
| how a nation makes decisions to allocate its resources | economy |
| securities that involve managing financial risk | derivatives |
| how much producers are willing and able to produce at a certain price | supply |
| a minimum price set by the government that can be charged for goods and services | price floor |
| a maximum price set by the government that can be charged for goods and services | price ceiling |
| the economic principle that requires people to decide which goods and services to use or not use due to limited resources and unlimited wants | scarcity |
| when demand for a product is affected by price | elastic demand |
| how much consumers are willing and able to buy at a certain price | demand |
