study material for economics vocab CH 6 - Ponder
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| shortage | quantity demanded is greater than quantity supplied
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| deficiency payment | check sent to producers that makes up the difference between the actual market price and the target price
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| price | monetary value of a product
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| surplus | quantity supplied is greater than quantity demanded at a given price
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| equilibrium price | price that produces neither a surplus nor a shortage
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| ration coupon | ticket that entitles the holder to a certain amount of a product
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| target price | a socially desirable price determined by factors other than the market
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| price ceiling | maximum legal price that can be charged for a product
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| rationing | system under which the government or another agency decides everyone's fair share of a product
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| price floor | the minimum wage, the lowest legal price that can be paid to most workers, is an example of this
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| rebate | partial refund of the original price of a product
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| price ceiling | where these occur, resources slowly shift to other markets where equilibrium prices prevail
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| equilibrium price | price that "clears the market"
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| surplus | unsold product that causes suppliers to reduce their prices
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| shortage | condition that leaves suppliers wishing they had more product to sell
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