Unit 1 Vocab Part II

When the price of a good or service changes and causes demand to change.

The total amount of goods and services producers are willing to sell at a certain price.

Goods or services that are used together and are usually purchased at the same time.

The amount of money that goes towards running a business or organization.

Money that is paid usually by the  government to help a business to continue to function.

When price goes up, demand goes down; when price goes down, demand goes up.

Mandatory payments made to the government.

When demand is lower than supply.

When businesses offer more for sale at higher prices, than at lower prices.

When price changes demand remains the same.

 Goods/services that fill a similar purpose.  They usually replace each other.