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13 Cards in this Set
- Front
- Back
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Equilibrium
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the point at which quantity demanded and quantity supplied are equal
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disequilibrium
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quantity supplied does not equal quantity demanded
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excess demand
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quantity demanded is more than quantity supplied, actual price is below equilibrium price
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excess supply
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quantity supplied is more than quantity demanded
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prive ceiling
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a maximum prive that can be legally charged for a good (essentials)
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price floor
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a minimum price for a good or service
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rent control
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a price ceiling placed on rent
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minimum wage (price floor)
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a minimum price that an employer can pay a worker for an hour of labor
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supply shock
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sudden shortage of a good, such as gasoline or wheat
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rationing
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dividing up goods and services using criteria other than price
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black market
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market where goods are sold illegally.
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stoplights for producers
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red=low price (no profit)
green= High prices (high demand from the consumer |
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stoplights for consumers
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red=High prices
green=low prices |
