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econ

economics and stuff

TermDefinition
Equillibrum Economic equilibrium is a state in a market-based economy in which economic forces – such as supply and demand – are balanced.
equillibrium price The price that equates the quantity supplied and the quantity demanded.
equillibrium quantitiy the quantity that is supplied and demanded at the equillibrium price.
excess demand When the quantity demanded is larger than the quantity supplied, the difference between them is called excess demand
excess supply when the quantity supplied is larger than the quantity demanded , the difference bewteen them is called excess supply
increase in demand equals an increase in price and quantity
decrease in demand equals a decrease in price and quantity
A decrease in supply equals an increase in price and decrease in quantity
a increase in supply equals a decrease in price and increase in quantity
a shortage exists when an excess demand for a product persists for a long significant period of time.
a surplus exists when an excess supply exists persists for a significant period of time.
Price celling a government imposed limit on the highest price firms can charge in a market. a price celing will cause a SHORTAGE
price floors a goveerment imposed limit below wich prices cannot fall
stickey prices prices that move to their equilibrium prices very slowly
rationing Rationing is the practice of controlling the distribution of a good or service in order to cope with scarcity.
What do prices accomplish? Guides the economy to the best level of production, prices help keep costs low, prices help achevive consumer satisfaction, helps prevent
Created by: tumi.tu
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