| A | B |
|---|
| demand | The amount of goods or services consumers are willing to buy at various prices |
| law of demand | Consumers buy less of an item at a higher price than a lower price. |
| supply | The amount of goods or services that producers will provide at various prices. |
| law of supply | The higher the price, the more producers will supply; the lower the price, the less they will supply. |
| surplus | Oversupply. |
| equilibrium price | The point at which supply and demand meet. |
| agricultural economy | People survived by farming and working land. |
| industrial economy | Most people worked in manufacturing. |
| service economy | Most people earned a living by producing and selling services. |
| information economy | Majority of income-earning activities depend on the use of accurate information. |
