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Chapter 6 (Prices)

Economics Honors

QuestionAnswer
Shortage when quantity demanded as more than quantity supply
Surplus quanitity supply is more than quanitity demand
Price ceiling a maxiumum price that can legally be changed for a good/service
Rent ceiling price ceiling place on apartment rent
Price Floor a maximum price for a good/service
Minimum Wage minimum price that can pay a worker for one hour of labor
Inventory the quantity of goods that a firm has on hand
Fad a product that is popular for a short period of time
Search Costs fianancial/opportunity cost that comsumers pay when seraching for a good/service
Supply Stock a sudden shortage of a good
Rationing a system of allocating scarce goods/services using criteria other than price
Black Market a market in which goods are sold illegally. without regard for government contorls on price or quantity
Equilibrium the point at which the demand for a product/service is equal to the supply of that product/service
Disequilibrium any price/quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in a market
Created by: chgolynne
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