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Macro ch 4

Supply and Demand

TermDefinition
Demand The schedule of quantities of a good or service that people are willing and able to BUY at different prices.
Supply The schedule of quantities of a good or service that people are willing and able to SELL at different prices.
Equilibrium price The price at which quantity demanded equals quantity supplied.
Equilibrium quantity The quantity bought and sold at the equilibrium price
Surplus Vs Shortage Surplus- market price is above equilibrium price. Shortage- market price if below equilibrium price
An increase in demand leads to what? An increase in both equilibrium price and quantity
A decrease in demand leads to what? A decrease in both equilibrium price and quantity
An increase in supply... Decreases equilibrium price and increases equilibrium quantity
A decrease in supply... Increases equilibrium price and decreases equilibrium quantity
Price Floor Government-imposed minimum price (including wages)
Price Ceiling Government-imposed maximum legal price
2 important price ceilings 1) Rent Control and 2) Usury laws-ceiling on interest rates
Rationing A system used to determine how a scarce good or service is distributed.
Created by: ltameirao
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