| A | B |
|---|
| Relative price | One price compared to another; the ratio between two prices |
| Resource owners | Those who provide human resources, natural resources, and capital goods in order for production to take place |
| Seller’s market | The best time for producers to sell; characterized by large demand, small supply, and high prices |
| Substitution effect | A phenomenon that occurs when changes in relative prices cause buyers to replace the purchase of one product with another |
| 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 |
| Supply price | The minimum price producers are willing and able to receive for a product |
| Value | The amount of satisfaction a good or service will provide a customer |
| Equilibrium 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 market-clearing price |
