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10 Cards in this Set
- Front
- Back
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Equilibrium |
The point of balance at which the quantity demanded equals the quantity supplied |
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Disequilibrium |
Occurs when quantity supplied is not equal to quantity demanded in a market |
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Shortage |
When the quantity demanded in a market is more than the quantity supplied |
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Surplus |
Exists when quantity supplied exceeds quantity demanded and the actual price of a good is higher than the equilibrium price |
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Price Ceiling |
A maximum price that can legally be charged for a good or service |
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Rent Control |
A price ceiling placed on apartment rent |
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Price Floor |
A minimum price for a good or service |
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Minimum Wage |
A minimum price that an employer can pay a worker for one hour of labor |
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Inventory |
The quantity of goods that a firm has on hand |
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Fad |
A product that enjoys enormous popularity for a fairly short time |
