Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
3 Cards in this Set
- Front
- Back
|
Government intervention |
When the Government intervenes in the free market to try and improve the allocation of resources and therefore achieving improvement in economic and social welfare. |
|
|
Maximum price control |
A price ceiling for a market - Suppliers cannot legally sell the product at a higher price. Intended to make goods or services more affordable. |
|
|
Minimum Price Control |
A price floor for a market - Suppliers cannot sell the product legally at a lower price. Intended to make goods or services less affordable. |
