Econ 6.2 Vocab!
- transactions: the action of buying and selling
- equilibrium price: when the number of units produced equals the number of products sold
- surplus: too much of an item (higher quantity than demand)
- shortage: too little of an item (less quality than demand)
- predict: to guess the future based on what you already know
- increase: go up
- decrease: go down
- natural disaster: a very dangerous Earth event (tornado, earthquake, etc.)
- fluctuate: to change; fluid
- efficiently: to work well without wasting time and energy
- marketplace: what sets the prices and allows buyers and sellers to adjust
