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