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12 ECON Vocab 6

study material for economics vocab CH 6 - Ponder

TermDefinition
shortage quantity demanded is greater than quantity supplied
deficiency payment check sent to producers that makes up the difference between the actual market price and the target price
price monetary value of a product
surplus quantity supplied is greater than quantity demanded at a given price
equilibrium price price that produces neither a surplus nor a shortage
ration coupon ticket that entitles the holder to a certain amount of a product
target price a socially desirable price determined by factors other than the market
price ceiling maximum legal price that can be charged for a product
rationing system under which the government or another agency decides everyone's fair share of a product
price floor the minimum wage, the lowest legal price that can be paid to most workers, is an example of this
rebate partial refund of the original price of a product
price ceiling where these occur, resources slowly shift to other markets where equilibrium prices prevail
equilibrium price price that "clears the market"
surplus unsold product that causes suppliers to reduce their prices
shortage condition that leaves suppliers wishing they had more product to sell
Created by: breckart2
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