| A | B |
|---|
| Market | Includes the customers and locations that a business wants to serve. |
| Supply | How much of a good or service a producer is willing and able to produce at different prices. |
| Demand | An individual’s need or desire for a good or service at a given price. |
| Law of Demand | As prices fall for a particular good or service, the demand for that item will increase and vice-versa. |
| Law of Supply | As the price of a particular good or service increases, the supply for that item will also be increased and vice-versa. |
| Price | The amount at which a good or service will be sold in a market. |
| Goods | Items businesses sell that can be physically weighed or measured, such as iPods and CDs. |
| Services | Tasks that businesses perform or provide for customers, such as haircuts and car washes. |
| Wants | Items that would be nice to have, but are not necessary. |
| Needs | Items necessary for existence, such as clothing, food, and shelter. |
