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T-EPF M1L5 Key Terms

Traditional EPF Module 1 Lesson 5 Key Terms

TermDefinition
Supply The quantity producers will sell at different prices
Law of Supply States that as price decreases sellers are willing and able to produce less and as price increases sellers are willing and able to produce more.
Supply Schedule A table that shows exactly how many units of a good or service will be produced at different price levels.
Supply Curve Graphic representation of the relationship of the price at which goods are sold and the amount of it that sellers are willing and able to produce.
Technology An enhancement in the production process, which lowers costs and increases supply.
Subsidy Money granted by the government that helps the business or market, which increases supply.
Surplus When supply is greater than demand.
Shortage When demand is greater than supply.
Equilibrium Price The price where demand and supply meet.
Price Ceiling An artificial barrier that does not allow markets to reach market clearing price, creates a shortage.
Price Floor An artificial barrier that does not allow the market to fall to market clearing price, creates a surplus.
Minimum Wage A price set by the government that employers must pay for their employees, example for price floor.
Created by: dmcsorley13
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