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15 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. (EQUAL.)
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disequilibrium
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describes and price or quantity not at equlibrium; when quantity supplied does not equal to quantity demanded in the market.
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excess demand
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when quantity demanded is more than quantity supplied
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excess supply
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when quantity supplied is more than quality demanded.
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price ceiling
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a max. price that can be legally charged for a good or service.
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price floor
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a min. 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 min. 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 suppled 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.; aka excess demand
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search costs
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the finical 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 which goods are sold illegally.
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spillover costs
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costs of production that affect people who have no control on how much of a good is produced.
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