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Economics
Econ Chapter 6
| Term | Definition |
|---|---|
| black market | a market in which goods are sold illegally |
| disequilibrium | describes any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in the market |
| equilibrium | the point at which the quantity demanded and quantity supplied are equal |
| excess demand | when quantity demand is more than quantity supplied |
| excess supply | when quantity supplied is more than quantity demanded |
| Minimum wage | a minimum price that an employer can pay a worker for an houir of labor |
| price ceiling | a maximum price that can legally be charged for a good or service |
| price floor | a minimum price for a good or service |
| rationing | a system of allocating scarce goods and services using criteria other than price |
| rent control | a price ceiling placed on rent |
| search costs | the cost of financial and opportunity costs consumers pay when searching for a good or service |
| shortage | situation in which quantity demanded is greater than quantity supplied; also known as excess demand |
| spillover costs | costs of production that affect people who have no control over how much of a good is produced |
| supply shock | a sudden shortage of a good |
| surplus | situation in which quantity supplied is greater than quantity demanded; also known as excess supply |
Created by:
halvy
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