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micro/macro Econ

Chpt 6 sect 1

TermDefinition
Equilibrium the point at which quantity demanded and quantity supplied are equal
Disequilibrium describes an price or quantity not at equilibrium when quantity supplied is not equal to quantity demanded in a market
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 placed on rent
minimum wage a minimum price that an employer can pay a worker for an hour of labor
Created by: acoronado
 

 



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