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PCS Economics

Economics Vocabulary Chapter 6

market equilibrium at this point of equilibrium, the quantity of a good or service that consumers are willing and able to buy equals the quantity that producers are willing and able to sell
equilibrium price at this price, supply and demand are in balance (also known as market-clearing price)
equilibrium quantity at this quantity, the amount of a good or service supplied by producers balances the quantity demanded by consumers
market price price a willing consumer pays to a willing producer for the sale of a good or service
disequilibrium a situation that exists when the quantity of a product demanded by consumers doe not equal the quantity supplied, resulting in a shortage or a surplus
excess demand a situation that exists when the quantity demanded of a product exceeds the quantity supplied, thus producing a shortage
excess supply a situation that exists when the quantity supplied of a product exceeds the quantity demanded, thus producing a surplus
price controls government imposed limits on the prices that producers may charge in the market
price floor a minimum price set by the government to prevent prices form going too low
minimum wage the lowest hourly rate, or wage, that employers can legally pay their employees; a price floor on wages
price ceiling a maximum price set by the government to prevent prices from going to high
rent control a legal limit on the amount a landlord can charge a tenant; a price ceiling on rents
rationing the controlled distribution of a limited supply of a good or service
black market an illegal market in which goods are traded at prices or in quantities higher than those set by law
market structure the organization of a market, based mainly on the degree of competition; there are four basic market structures: perfect competition, monopolistic competition, oligopoly, and monopoly
market power the ability of producers to influence prices
perfect competition a market structure in which many producers supply an identical product and no single producer can influence its price; in such a market, prices are set by supply and demand
commodity a product that is exactly the same no mater who produces it (example: milk, corn, wheat)
price taker a producer that has no influence over the price of a product; price takers must accept the market price
transaction costs the time and money consumers spend shopping for the best product at the best price
barriers to entry an obstacle that can restrict a producer's access to a market and limit competition (examples: start up costs, don't have needed supplies - if you don't have gold, then you can't go into gold business)
Created by: Ms.Sala



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