1.1. The equilibrium point is where the price and quantity meets or intersects.
2. Producer
2.1. Producer is the person or company who supplies goods and services for consumers.
3. Demand
3.1. How much people want or needs that product or service. Demand is the willingness or ability of consumers to purchase a product or service at a given price by the sellers. Demand is caused by the need for product, quality and how hard or easy to get it.
4. Consumer
4.1. Consumer is a person who purchases the goods or services.
5. Services
5.1. Services are things that consumers need or want done.
6. Supply
6.1. The amount of goods or services that exists. Supply is the willingness of sellers to offer a given quantity of a good or service for a given price.
7. Price
7.1. Price is the amount of money to sell the goods or services.
8. Quantity
8.1. How much producers will sell their goods or services at a particular price.
