Understanding Prosperity Through Scarcity, Price, and Economy Glossary
| Term | Definition | In My Words… | Image |
| Prosperity | Includes money, possessions, opportunities available, your health and wellness, how others treat you, and the freedom to make your own decisions. | ||
| Economy | The system through which scarce goods and services are dispersed based off supply and demand. | ||
| Law of Supply | Economic principle that more will be offered when selling goods and services at a higher price than at a lower price. | ||
| Law of Demand | Economic principle that more will be demanded at lower prices and less at higher prices. | ||
| Supply | Amount of a product or service a producer or seller would be willing and able to sell over a range of prices at any given time. | ||
| Demand | Combination of quantities that people are willing and able to buy over a range of prices at any given time. | ||
| Scarcity | Fundamental economic problem facing all economies, resulting from limited resources not being able to meet people’s unlimited wants. | ||
| Shortage | Quantity supplied is less than quantity demanded at a given price. | ||
| Surplus | Quantity supplied is greater than quantity demanded at a given price. | ||
| Price Ceiling | The highest legal price that can be charged for a good or service. | ||
| Price Floor | The lowest legal price that can be charged for a good or service. | ||
| Equilibrium | The price in which quantity supplied equals quantity demanded. | ||
| Market | Where buyers and sellers interact to determine price and quantity demanded and supplied of a good or service. | ||
| Benevolence | The quality of being well meaning, kindness, generous. |