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;
15 Cards in this Set
- Front
- Back
shortage
|
a situation in which quantity demanded is greater than quantity supplied
|
|
minimum wage
|
sets a minimum price that an employer can pay a worker for an hour of labor
|
|
price cieling
|
a maximum price that can be legally charged for a good
|
|
excess supply
|
quantity supplied exceeds quantity demanded
|
|
search costs
|
the financial and oppurtunity costs consumers pay when searching for a good or service
|
|
equilibrium
|
the point at which quantity demanded and quantity supplied are equal
|
|
price floor
|
a minimum price for a good or service
|
|
disequilibrium
|
quantity supplied is not equal to quantity demanded in a market
|
|
surplus
|
quantity supplied exceeds quantity demanded at a given price
|
|
rationing
|
a system of allocating scarce goods and services using criteria other than price
|
|
excess demand
|
when quantity demanded is more than quantity supplied
|
|
rent control
|
a price ceiling placed on rent
|
|
supply shock
|
a sudden shortage of a good
|
|
black market
|
a market in which goods are sold illegally
|
|
spillover costs
|
costs of production that affect people who have no control over how much of a good is produced
|