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Chapter 6 Econ Vocab
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Equilibrium
Point at which quantity demanded and quantity supplied are
equal
.
Disequilibrium
Describes any price or quantity not at equilibrium; when quantity supplied is
not equal
to quantity in the market.
Excess Demand
When
quantity
demanded is
more
than quantity supplied.
Excess supply
When
quantity supplied is more
than quantity demanded.
Price Ceiling
Maximum price
that can be legally charged for a good or service.
Price Floor
Minimum price
for a good or service.
Rent Control
Price ceiling placed on
rent
.
Minimum Wage
Minimum price
that an employer can pay a worker for an hour of labor.
Surplus
Situation in which quantity supplied is greater than quantity demanded; also known as
excess supply
.
Shortage
Situation in which quantity demanded is greater than quantity supplied; also known as
excess demand
.
Search Costs
Financial and opportunity
costs
consumers pay when
searching
for a good or service.
Supply Shock
A
sudden shortage
of a good.
Rationing
System of
allocating
scarce goods and services using criteria other than price.
Black Market
Market in which goods are
sold illegally
.
Spillover Costs
Costs of production that affect people who have
no control
over how much of a good is produced.
Author
Anonymous
ID
6138
Card Set
Chapter 6 Econ Vocab
Description
Words and defs for econ vocab quiz.
Updated
2010-02-06T02:39:24Z
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