Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Economics Chapter 6
| Question | Answer |
|---|---|
| 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
Popular History sets