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| Market | Any circumstance under which buyers and sellers exchange goods or services for a price |
| Market-clearing price | The point at which the quantity of a product that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price; the price equal to both the demand price and the supply price; also known as equilibrium price |
| Market price | Actual price that prevails in a market at any particular moment |
| Price | The amount of money paid for a good, service, or resource |
| Price information | A function of relative prices that is necessary for consumers, producers, and resource owners to make important economic decisions; data concerning value/cost |
| Producers | The people who make or provide goods and services |
| Profit | Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid |
| Rationing | A function of relative prices that determines who gets the goods and services produced; determining how scarce resources will be distributed |
