| A | B |
|---|
| Rationing | Allocating something scarce among people who want more than is available |
| Market-clearing price | The price that balances the amount buyers want to buy with the amount sellers want to sell |
| Supply | The amounts sellers want to sell at different possible prices |
| Demand | The amounts buyers want to buy at different possible prices |
| Shortage | How much mor of a product buyers want to buy than sellers want to sell at a given price |
| Surplus | How much more of a product sellers want to sell than buyers want to buy at a given price |
| Competition | Rivalry among buyers or among sellers |
| Incentive to produce | Reasons for producing goods and services |
| Change in demand | Buyers want to buy more than before at every price |
| Information | Market prices provide this for producers and consumers |
