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Chapter 5 Price

Chapter 5 Vocabulary

QuestionAnswer
a flaw in a price system where some cost haven’t been accounted for or distributed Market failure
effect that economic activity has on people/businesses that aren’t producers or consumers Externality
any good/service that is consumed by all members of a group, regardless of who paid Public good
the point where the quantity supplied/demanded are equal at the same price Market equilibrium
situation in which the quantity supplied at a given price exceeds the quantity demanded Surplus
situation in which the quantity demanded exceeds the quantity supplied Shortage
government regulation that sets a maximum price for a certain good Price ceiling
government regulation that sets a minimum price for a certain good Price floor
the lowest hourly wage rate that an employer can legally pay a worker Minimum wage
system by which a government distributes a good/service Rationing
buying/selling of goods in violation of the law Black market
Created by: shupeer
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