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12 Cards in this Set
- Front
- Back
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price system
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prices fluctuate. prices reveal what is scarce and what is abundant
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voluntary exchange
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trading
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terms of exchange
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trading price of a good
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transaction costs
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all of the costs of exchanging a good
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price control
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a government set minimum or maximum price
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price ceiling
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a government set maximum price
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price floor
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a government set minimum price
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nonprice rationing
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a queue is one, black market is another
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black market
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illegal market that gets around price controls
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rent control
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price ceiling on rent
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minimum wage
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wage floor
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import quota
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government limit on imported goods
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