| A | B |
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| LAW OF DEMAND | Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service. |
| LAW OF SUPPLY | Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price. |
| LAW OF SUPPY & DEMAND | Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low. |
| MARKET PRICE | Actual price that prevails in a market at any particular moment |
| NATURAL RESOURCE | Any resource found in nature that is used to produce goods and services |
| NONECONOMIC WANT | Desires for things that can be obtained without spending money |
| OPPORTUNITY COST | The benefit that is lost when you decide to use scarce resources for one purpose rather than for another. |
| PLACE UTILITY | Usefulness created by making sure that goods or services are available at the place where they are needed or wanted by consumers |
| POSSESSION UTILITY | Usefulness created when ownership of a product is transferred from the seller to the user. |
| PRICE | The amount of money paid for a good, service, or resource |
| PRODUCTION | The economic process or activity of producing goods and services. |
| RATIONING | A function of relative prices that determines who gets the goods and services produced; determining how scarce resources will be distributed. |
| SCARCITY | A condition resulting from the gap between unlimited wants for goods and services and limited resources |
| TIME UTILITY | Usefulness created when products are made available at the time they are needed or wanted by consumers or to complete specific business activities. |
| TRADE OFF | Giving up all or a part of one thing in order to get something else |
| UTILITY | Usefulness; capable of satisfying wants and needs |
| WANT | A desire for something that may or may not be required |
