| A | B |
|---|
| 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 |
| 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 |
| Seller’s market | The best time for producers to sell; characterized by large demand, small supply, and high prices |
| Standard of living | The general conditions in which people live; quality of life |
| 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 |
| Substitute goods | Items that can be used in place of others; items that satisfy the same needs/wants; similar goods |
| Law of supply and 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 |
| 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 |
| Inelastic demand | A form of demand in which changes in price do not affect demand |
| Utility | Usefulness; capable of satisfying wants and needs |
