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Econ Chapter 6

Prices and Decision Making

TermDefinition
Money monetary value of a product as established by supply and demand
Rationing system of allocating goods and services without prices (gov decides ppl’s “fair share”)
Ration Coupon permit allowing holder to receive a given amount of a rationed product
Rebate partial refund of a product’s original price
Economic Model a simplified version of a complex behavior expressed in the form of an equation, graph, or illustration
Equilibrium Price price where quantity supplied equals quantity demanded
Surplus situation where quantity supplied is greater than quantity demanded at a given price
Shortage situation where quantity supplied is less than quantity demanded at a given price
Price Ceiling highest legal price that can be charged for a product
Minimum Wage lowest legal wage that can be paid to most workers
Price Floor lowest legal price that can be paid for a product
Target Price price floor for agricultural products set by the government to stabilize farm income
Nonrecourse Loan agricultural loans that carries no penalty or further obligation if it is not repaid
Deficiency Payment cash payment making up the difference between market price and target price
Created by: Damma15724
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