| A | B |
|---|
| Demand | is the amount of a product that customers want to buy at a particular price. |
| A shift in demand | is a change in the quantity of a product which is demanded at each and every price. An increase in income would shift a demand curve to the right. |
| Equilibrium | is where the supply and demand curves cross, i.e where the amount firms wish to supply is the same as the amount consumers wish to buy. |
| Market | is any location or process that brings buyers and sellers together. |
| Price | is the amount of money that is given in exchange for a product |
| Supply | how much producers of a product will sell at any given price |
| Cost price | The price that covers the total cost to produce a good or service |
| Price plateaux | the usual price range for a good or service |
