Chapter 16 Vocab - Part 2

a location or an arrangement that allows buyers and sellers to get together and buy or sell a certain product

• competition
• market
• consumer
• demand

the price set for a good or service in the marketplace, where demand and supply are perfectly balanced

• equilibrium price
• consumer
• producer
• shortage

a person who buys goods and services

• equilibrium price
• consumer
• producer
• shortage

a person or business that provides goods and services

• equilibrium price
• consumer
• producer
• shortage

efforts by different businesses to sell the same good or service

• market
• competition
• surplus
• shortage

situation in which the amount of a good or service supplied by producers is greater than the amount demanded by consumers

• market
• competition
• surplus
• shortage

the amount of a good or service that producers are willing and able to sell over a range of prices

• consumer
• producer
• demand
• supply

situation in which the supply of the good or service available is less than the demand for it

• equilibrium price
• surplus
• shortage
• market

the amount of a good or service that consumers are willing and able to buy over a range of prices

• consumer
• producer
• demand
• supply

the money a business receives from selling its goods or services

• trade-off
• opportunity cost
• revenue
• marginal revenue