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EPF M5L4 Key Terms
Economics & Personal Finance Module 5 Lesson 4 Key Terms
Term | Definition |
---|---|
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. |