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Demand and Supply

Nrhsecovit Vocabulary of Market interaction

QuestionAnswer
exists in a market when the quantity of a good that a buyers are willing and able to buy is equal to the quantity of the good that sellers are willing and able to produce and offer for sale (Qd=Qs) equilibrium
condition in a market when the quantity supplied of a good is greater than the quantity demanded surplus
stock of goods that a business or store has on hand inventory
the price at which a good id bought and sold in a market that is in equilibrium equilibrium price aka. market clearing price
the quantity of a goog that is bought and sold in a market that is in equilibrium equilibrium quantity
government intervention to offset prices that may be too high or too low for the gerneral welfare price control
a legislated price, set above the equilibrium price, below which buyers and sellers cannot legally buy or sell a good price floor
a legislated price, set lower than the equilibrium price, above which buyers and sellers cannot legally buy and sell a good price ceiling
rent control is an example of this price control price ceiling
minimum wage is the classic example of this kind of price control price floor
condition in which quantity demanded exceeds quantity supplied shortage
black market The illegal business of buying or selling goods or currency in violation of restrictions such as price controls or rationing.
off the books colloquial for working outside of legal limits Payments for which no formal record is kept
price gouging illegal in most states, the practice of taking advantage of a situation in order to drive up the price, pricing above the market when no alternative retailer is available -----------------------------------------------------------------------------
Created by: nrhsecovit
 

 



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