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Vocabulary Chap 6

Price monetary value of a product as established by supply and demand
Rationing system under which an agency such as government decides everyone's "fair" share
Rationing Coupon ticket or a receipt that entitles the holder to obtain a certain amount of a product
Rebate partial refund of the original price of the product
Economic Model set of assumptions to help analyze behavior and predict outcomes
Market Equilibrium situation in which prices are relatively stable *quantity supplied and demanded are equal
Surplus situation in which quantity supplied is greater than quantity demanded
Shortage situation in which quantity supplied is less than quantity demanded
Equilibrium Price price that "clears the market" and leaves no surplus or shortage *quantity supplied and demanded are equal
Price Ceiling maximum legal price for a product
Minimum Wage lowest legal wage to pay most workers
Price Floor lowest legal price that can be paid for a good or service
Target Price price floor for farm products
Nonrecourse Loan loan that carries neither a penalty nor further obligation to repay if not paid back
Deficiency Payment check sent to producers that makes up the difference between the actual market price and the target price
Created by: kvanolson