Chapter 6 Econ Vocab

Point at which quantity demanded and quantity supplied are equal.

Describes any price or quantity not at equilibrium; when quantity supplied is not equal to quantity in the market.

When quantity demanded is more than quantity supplied.

When quantity supplied is more than quantity demanded.

Maximum price that can be legally charged for a good or service.

Minimum price for a good or service.

Price ceiling placed on rent.

Minimum price that an employer can pay a worker for an hour of labor.

Situation in which quantity supplied is greater than quantity demanded; also known as excess supply.

Situation in which quantity demanded is greater than quantity supplied; also known as excess demand.

Financial and opportunity costs consumers pay when searching for a good or service.

A sudden shortage of a good.

System of allocating scarce goods and services using criteria other than price.

Market in which goods are sold illegally.

Costs of production that affect people who have no control over how much of a good is produced.