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Economics
| Term | Definition |
|---|---|
| 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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