| A | B |
|---|
| Consumer Goods | Products that are purchased for consumption by the average consumer. |
| Producer | Combine productive resources to make good and provide services. Producers are people who make goods or provide services. |
| Demand | Quantity of products that consumers are willing to buy at different market prices |
| Price | The amount of money that has to be paid to acquire a given product. |
| Equilibrium | Quantity demanded of a product equals the quantity supplied |
| Market | A medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange. |
| Law of Supply | As the price increases, the quantity supplied increases |
| Law of Demand | As the price increases, the quantity demanded decreases |
| Cost | The value of everything a seller must give up to produce a good |
| Natural Resources | Raw materials supplied by nature with no human alterations |
| Consumer | People who satisfy their wants by using goods and services. |
| Supply | Quantity of products that producers are willing to offer for sale at different market prices |
| Shortage | Situation where the quantity available or supplied in a market falls short of the quantity demanded or required at a given time or price. |
| Surplus | Occurs when there is excess supply- that is quantity supplied is greater than quantity demanded. |
| Fair Trade | A social movement whose stated goal is to help producers in developing countries achieve better trading conditions and to promote sustainable farming. |
| Embargo | An official ban on trade or other commercial activity with a particular country. |
| SWOT | An analysis that helps organizations assess issues within and outside the organization. |
