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Econ ch. 4

TermDefinition
Price or market system Market where prices change with supply and demand
Voluntary exchange Trading between individuals for their mutual benefit
Transaction costs Costs associated with exchange
Informational costs Costs of contracting and enforcing contracts
Middlemen/brokers/intermediaries Reduce transaction costs by providing info to buyers and sellers Act between the suppliers and the consumers or distributers
Examples of middlemen Grocery stores Car dealerships Stock brokers
Changes in supply or demand lead to Disequilibrium
Complex cases where supply and demand both inc or dec Outcome indeterminate for either price or quantity, depending how much the curve shifts
Demand and supply both increase Price indeterminate, quantity inc
Demand and supply both decrease Price decreases, quantity indeterminate
Demand increases, supply decreases Price inc, quantity indeterminate
Demand dec, supply inc Price indeterminate, quantity inc
Price controls Government mandated min or max of prices
Price ceilings Legal maximum price set below equilibrium, causes a shortage
Price floor Legal minimum price set above equilibrium, causes a surplus
Price ceilings cause a Shortage (demand greater than supply)
Black market Controlled goods set at illegally high prices set above the price ceiling
Price floors cause a Surplus (supply greater than demand)
Support price When gov acts to keep price at price floor (support level)
Another word for price floor Support price/level
Created by: 1763
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