Vocabulary Chap 6
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Price | monetary value of a product as established by supply and demand
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| Rationing | system under which an agency such as government decides everyone's "fair" share
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| Rationing Coupon | ticket or a receipt that entitles the holder to obtain a certain amount of a product
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| Rebate | partial refund of the original price of the product
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| Economic Model | set of assumptions to help analyze behavior and predict outcomes
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| Market Equilibrium | situation in which prices are relatively stable
*quantity supplied and demanded are equal
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| Surplus | situation in which quantity supplied is greater than quantity demanded
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| Shortage | situation in which quantity supplied is less than quantity demanded
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| Equilibrium Price | price that "clears the market" and leaves no surplus or shortage
*quantity supplied and demanded are equal
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| Price Ceiling | maximum legal price for a product
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| Minimum Wage | lowest legal wage to pay most workers
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| Price Floor | lowest legal price that can be paid for a good or service
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| Target Price | price floor for farm products
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| Nonrecourse Loan | loan that carries neither a penalty nor further obligation to repay if not paid back
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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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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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