| A | B |
|---|
| Economics | The study of how to meet unlimited, competing wants with limited resources |
| Economizing | The process of deciding which goods and services will be purchased or provided so that the most satisfaction can be obtained; deciding how scarce resources will be used. |
| Elasticity | An indication of how changes in price will affect changes in the amounts demanded and supplied. |
| Equilibrium Price | The point at which the quantity of a good that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price. |
| Excess Demand | The situation that exists when demand is greater than supply. |
| Exchange | The process of trading one good/service for another |
| Excess Supply | The situation that exists when supply is greater than demand. |
| Elastic Demand | A form of demand for products in which changes in price correspond to changes in demand. |
