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Change in supply
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different amounts offered for sale at each and every possible price in the market resulting in a shift of the supply curve.
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Market equilibrium
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condition of price stability where the quantity demanded equals the quantity supplied.
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Surplus
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situation in which quantity supplied is greater than quantity demand at a given price.
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Shortage
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situation in which quantity demanded is greater than quantity supplied at a given price.
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Price
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The amount of money exchanged for a good or service as established by supply and demand.
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Technology
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The ways of applying knowledge, tools, and inventions to meet people's needs.
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Taxes
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money given to the government to provide public services to a community.
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Subsidies
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free government money or resources intended to promote desired activities.
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Profit
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The money a business receives for its products or services over and above its costs.
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