POB - Lesson 2 - Vocab Flashcard

Front

Businesses offering similar products to the same customers

Back

competitors

Front

People who buy and use goods and services

Back

customers

Front

Quantity of a good/service consumers are willing to pay.

Back

Demand

Front

Relationship between product price and quantity demanded

Back

Demand Curve

Front

Point where supply equals demand; where demand and supply curves intersect.

Back

Market Price

Front

Who determines available products and services?

Back

Producers

Front

When something needed cannot be obtained in sufficient amounts

Back

Shortage

Front

Quantity of a good/service businesses can provide

Back

supply

Front

Relationship between product price and quantity supplied

Back

supply curve

Front

Amount left over after requirements met; excess production.

Back

Surplus