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15 Cards in this Set
- Front
- Back
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equilibrium
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the point at which quantitiy demanded and quantity supplied are equal
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disequilibrium
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describes an price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in market
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excess demand
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when quantity demanded is more than quantity supply
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excess supply
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when quantity supplied is more than quantity demanded
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price ceiling
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a maximum price than can be legally charged for a good or service
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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
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a minimum price that an employer can pay a worker for an hour of labor
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surplus
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situation in which quantity supplied is greater than quantity demanded; also known as excess supply
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shortage
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situation in which quantity demanded is greater than quantity supplied; also known as excess demand
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search costs
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the financial and opportunity costs consumers pay when searching for a good or service
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supply shock
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a sudden shortage of a good
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rationing
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a system of allocating scarce goods and services using criteria other than price
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black market
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a market in shich goods are sold illegally
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spillover costs
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costs of production that affect people who have no control over how much of a good is produced
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