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Economics 4

TermDefinition
equilibrium the point at which quantity demanded and quantity supplied are equal
exactly as much of the product as firms are willing to sell at the equilibrium price, buyers will purchase
buyers, sales low price encourages __________ and discourages ___________
suppliers will continue to raise their prices as long as there is excess demand,
price ceilings maximum price that can be legally charged for a good or service
rent control example of price ceiling
price floor minimum price for a good or service
minimum wage minimum price that an employer can pay a worker for an hour of labor
$7.25 current minimum wage
surplus quantity supplied is greater than quantity demanded (excess supply)
equilibrium called a "moving target" that changes as the market changes
shortage quantity demanded is greater than quantity supplied (excess demand)
search costs financial and opportunity costs consumers pay when searching for a good/service
gas money spent driving from store to store, time spent calling different stores example of search cost
prices most efficient way to distribute resources
supply shock sudden shortage of a good
rationing system of distributing scarce goods/services using criteria other than price
black market market in which goods are sold illegally
black market usually an inevitable consequence of restrictions
Adam Smith the Wealth of Nations was written by
spillover costs cost of production that affects people who have no control over how much is produced
rationing if a gas station places a sign out front limiting customers to 10 gallons each, this is an example of ___________
spillover costs, imperfect competition, imperfect information 3 market problems
water pollution example of spillover cost
Created by: pace_sauce
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