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Economics Chapter 6

equilibrium the point at which quantity demanded and quantity supplied are equal
disequilibrium describes any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in a market
excess demand when quantity demanded is more than quantity supplied
excess supply when quantity supplied is more than quantity demanded
price ceiling a maximum price that can be legally charged for a good or service
price floor a minimum price for a good or service
rent control a price ceiling placed on rent
minimum wage a minimum price that an employer can pay a worker for an hour of labor
surplus Situation in which quantity supplied is greater than quantity demanded; also know as excess supply
shortage situation in which quantity demanded is greater than quantity supplied; also know as excess demand
search costs the financial and opportunity costs consumers pay when searching for a good or service
supply shock a sudden shortage of a good
rationing a system of allocating scarce goods and services using criteria other than price
black market a market in which goods are sold illegally
spillover cost cost of production that affect people who have no control over how much of a good is produced
Created by: Jem13