| A | B |
|---|
| Law of Supply & 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. |
| 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 |
| Place Utility | Usefulness created by making sure that goods or services are available at the place where they are needed or wanted by consumers. |
| Opportunity Cost | The benefit that is lost when you decide to use scarce resources for one purpose rather than for another. |
| 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. |
| Market Price | Actual price that prevails in a market at any particular moment |
