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Economics

TermDefinition
Equilibrium the point at which quantity demanded is equal to quantity supplied
Disequilibrium any price or quantity that is not at equilibrium
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 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; excess supply
Shortage situation in which quantity demanded is greater than quantity supplied; 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 costs Costs of production
Sale proprietorship A business owned and managed by a singlw individual
Liability A legally bound obligation to pay debts
Fringe benefits payment other than wage or salaries
Partnership A business organization owned by two or more individuals who agree on a specific division of responsibilities and profits
Created by: 14schum_nico
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