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13 Cards in this Set
- Front
- Back
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bumper crop
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unexpectedly large crop resulting from good growing conditions.
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real price
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price adjusted for the effects of inflation
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protective tariffs
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taxes placed on imported goods to protect domestic producers
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price supports
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legally fixed minimum prices
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administered prices
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prices regulated by government
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rationing function of price
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ability of flexible market price to clear the market of shortages and surpluses
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deficiency payment
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target price minus market price, times the number of units sold
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dumping
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exporting goods at prices below the cost of production
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concentration
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the domination of a market or industry by a few large firms
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inelastic demand
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Demand in which buyers are relatively unresponsive to changes in price.
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normal profit
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minimum profit needed to keep a farmer in business
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programs to restrict supply
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policies to decrease the amount produced and offered for sale
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target prices
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support program in which farmers will be paid the difference between the target and the market price
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