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ECO Topic 3 Pt 2

ECO Topic 3 Vocabulary Pt 2 Pearson 2016

TermDefinition
fixed cost a cost that does not change, no matter how much of a good is produced
variable costs a cost that rises or falls depending on the quantity produced
total cost the sum of fixed costs plus variable costs
marginal cost the cost of producing one more unit of a good
operating cost the cost of operating a facility, such as a factory or a store
average cost total cost divided by the quantity produced
subsidy a government payment that supports a business or market
excise tax a tax on the production or sale of a good
regulation government intervention in a market that affects the production of a good
equilibrium the point at which the demand for a product or service is equal to the supply of that product or service
disequilibrium any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in a market
shortage a situation in which consumers want more of a good or service than producers are willing to make available at a particular price
surplus when quantity supplied is more than quantity demanded
price ceiling a maximum price that can legally be charged for a good or service
rent control a price ceiling placed on apartment rent
price floor a minimum price for a good or service
minimum wage a minimum price that an employer can pay a worker for an hour of labor
inventory the quantity of goods that a firm has on hand
search cost the financial and opportunity costs that consumers pay when searching for a good or service
supply shock a sudden shortage of a good
rationing a system of allocating scarce goods and services using criteria other than price
black market a market in which goods are sold illegally, without regard for government controls on price or quantity
barter the direct exchange of one set of goods or services for another
Created by: cwarsing