| 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 point | the point at which producers and consumers agree on price |
| 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 |
| Climate conditions | one factor that would influence the levels producers are willing to supply |
| Disposable income | one factor that would influence the levels consumers are willing to buy |
| Consumers | Name given to the people in the market the buy the goods |
| Producers | Than name given to people who supply the goods |
| Shift to the right | Increase in population will do this to the demand curve |
| Shift to the left | Increase in business tax will do this to the supply curve |
| Supply curve | An increased use of new technology will shift this curve to the right |
| Demand curve | An increase in price of complimentary goods will shift this curve to the left |
| Equilibrium | The point at which the demand curve intersects the supply curve curve i |
| Shortage | When level of demand exceeds supply this can cause a |
| Surplus | When level of supply exceed demand this can cause a |
