| A | B |
|---|
| net income | money left after taxes are paid |
| fixed expense | costs that stay the same each month |
| flexible expense | costs that vary from month to month. |
| opportunity cost | the cost of choosing one thing over another |
| interest | the fee paid for borrowing money |
| annual percentage rate | the percent of interest a lender charges per year |
| budget | a detailed plan showing earnings and expenses over a period of time |
| supply | the amount of goods and services sellers are willing to offer at certain prices at a given time |
| estimate | to guess an amount based on past experience |
| profit | to make money by selling something at a higher price than the original cost. |
| elastic demand | a willingness to buy that increases or decreases as the price of a good or service changes. |
| inelastic demand | a willingness to buy that is not affected when the price of a good or service changes. |
| elastic supply | an amount of a good or service that increases or decreases as the price changes. |
| inelastic supply | an amount of a good or service that cannot change |
| scarce | describes a limited supply of something that is in demand |
