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15 Cards in this Set

  • Front
  • Back
the point at which quantity demanded and quantity supplied are equal. (EQUAL.)
describes and price or quantity not at equlibrium; when quantity supplied does not equal to quantity demanded in the market.
excess demand
when quantity demanded is more than quantity supplied
excess supply
when quantity supplied is more than quality demanded.
price ceiling
a max. price that can be legally charged for a good or service.
price floor
a min. price for a good or service
rent control
a price ceiling placed on rent
Minimum wage
a min. price that an employer can pay a worker for an hour of labor.
situation in which quantity suppled is greater than quantity demanded; also known as excess supply.
situation in which quantity demanded is greater than quantity supplied.; aka excess demand
search costs
the finical and opportunity costs consumers pay when searching for a good or service.
supply shock
a sudden shortage of a good
a system of allocating scarce goods and services using criteria other than price.
black market
a market which goods are sold illegally.
spillover costs
costs of production that affect people who have no control on how much of a good is produced.