Reading...
Play button
Play button
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;
9 Cards in this Set
- Front
- Back
|
The point on a graph where the QS=QD
|
Equilibrium
|
|
|
When the QS>QD
|
Surplus
|
|
|
When the QS<QD
|
Shortage
|
|
|
Anywhere on the graph where QS does not equal QD
|
Disequilibrium
|
|
|
The maximum price a producer can, by law, charge for a good or service
|
Price ceiling
|
|
|
The minimum price a producer can, by law, charge for a good or service
|
Price Floor
|
|
|
Allowing each citizen a specific amount of a good or service
|
Rationing
|
|
|
Illegal economic activities
|
Black Market
|
|
|
In the market for a particular product, the price and quantity that is discovered
|
Market Equilibrium
|
