| A | B |
|---|
| Relative Prices | One price compared to another: the ratio between two prices |
| Scarcity | A condition resulting from the gap between unlimited wants for goods and services and limited resources. |
| Seller's Market | The best time for producers to sell; characterized by large demand, small supply, and high prices |
| Utility | Usefulness; capable of satisfying wants and needs |
| Trade-Off | Giving up all or a part of one thing in order to get something else. |
| 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. |
| Supply | The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period. |
| Services | Intangible activities that are performed by other people for money; productive acts that satisfy economic wants. |
