Macro ch 4 Word Scramble
S R I C V E E
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
| Term | Definition |
| Demand | The schedule of quantities of a good or service that people are willing and able to BUY at different prices. |
| A decrease in supply... | Increases equilibrium price and decreases equilibrium quantity |
| 2 important price ceilings | 1) Rent Control and 2) Usury laws-ceiling on interest rates |
| Surplus Vs Shortage | Surplus- market price is above equilibrium price. Shortage- market price if below equilibrium price |
| Price Floor | Government-imposed minimum price (including wages) |
| Equilibrium price | The price at which quantity demanded equals quantity supplied. |
| An increase in demand leads to what? | An increase in both equilibrium price and quantity |
| Rationing | A system used to determine how a scarce good or service is distributed. |
| An increase in supply... | Decreases equilibrium price and increases equilibrium quantity |
| A decrease in demand leads to what? | A decrease in both equilibrium price and quantity |
| Supply | The schedule of quantities of a good or service that people are willing and able to SELL at different prices. |
| Equilibrium quantity | The quantity bought and sold at the equilibrium price |
| Price Ceiling | Government-imposed maximum legal price |
Created by:
ltameirao
Popular Economics sets