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Econ Chapter 6
| Question | Answer |
|---|---|
| a situation in which the quantity supplied and the quantity demanded at a particular price are equal | market equilibrium |
| the price at which the quantity demanded equals the quantity supplied | equilibrium price |
| a situation in which the government takes in more than it spends | budget surplus |
| a situation in which demand is greater than supply, usually the result of prices being set too low | shortage |
| a situation in which quantity supplied and quantity demanded are not in balance | disequilibrium |
| a situation in which producers sell goods and services at prices that best balance the twin desires of making the highest profit and luring customers away from rival producers | competitive pricing |
| a benefit offered to encourage people to act in a certain way | incentive |
| an established maximum price that sellers may charge for a product | price ceiling |
| an established minimum price that buyers must pay for a product | price floor |
| the lowest amount, established by law, that an employer may pay a worker for one hour of work | minimum wage |
| a system in which the government allocates goods and services using factors other than price | rationing |
| the illegal business of buying or selling goods or services in violation of price controls or rationing | black market |
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