| A | B |
|---|
| economy | Production, exchange, and consumption |
| supply | What is available |
| demand | The usefulness of an item; who wants to buy it. |
| consumption | The way we use goods and services to satisfy our wants and needs. |
| scarcity | Concept where we can never have all we want of every good and service. |
| surplus | Situation when supply is greater than demand. |
| inflation | An increase in the general price level of goods and services; alternatively, a decrease in purchasing power of the dollar |
| deflation | A decline in the general price level of goods and services that results in increased purchasing power of money. |
