Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
8 Cards in this Set
- Front
- Back
|
Equilibrium |
The point at which quantity demanded and quantity supplied are equal |
|
|
Disequilibrium |
Describes any piece or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in market |
|
|
Excess demand |
When quantity demanded is more than quantity supplied |
|
|
Excess supppy |
When quantity supplied is more than quantity demanded |
|
|
Price ceiling |
A maximum price that can be legally charged for a good or service |
|
|
Price floor |
Minimum price for a good or service |
|
|
Rent control |
Price ceiling placed on rent |
|
|
Minimum wage |
Minimum price that an employer can pay a worker for an hour of labor |
