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8 Cards in this Set
- Front
- Back
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price ceiling
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a legal maximu price that may be charged for a particular good or service
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price controls
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government-mandadted minimum of maximum prices that may be charged for goods and services
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price floor
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a legal minimum price below which a good or service may not be sold. (minimum wage is an example)
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price system
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an economic system in which relative prices are constantly changing to reflect changes in supply and demand for different commodities.
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rent control
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the placement of price ceilings on rents in particular cities
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terms of exchange
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the conditions under which trading takes place. usually, the terms of exchange are equal to the price at which a good is traded.
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transaction costs
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all of the costs associated with exchanging
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voluntary exchange
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an act of trading in which both parties to the trade are subjectively better off after the exchange
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