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CIV M6L2 Key Words

Civics Module 6 Lesson 2 Key Terms

TermDefinition
Demand The want, willingness, and resources to buy a good or service.
Supply The amount of goods and services a producer is willing to make at a certain time.
Market The place where people trade goods and services for money.
Market Equilibrium Price The point where supply and demand reach a balance.
Surplus The amount of goods left over when the number supplied is greater than the number demanded.
Shortage The amount of goods demanded which is greater than the number of goods produced.
Created by: dmcsorley13
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