Macro-Economics Word Scramble
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Question | Answer |
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
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