Price Control
A government rule that sets a legal limit on how high or low a price can be
What is Price Control?
This market uses local utilities.
What is a Monopoly?
The study of how the overall economy works
What is macroeconomics?
A situation in which people who are willing and able to work are actively looking for a job but do not currently have one.
What is unemployment?
A general increase in the prices of goods and services over time.
What is inflation?
Minimum legal price; usually creates a surplus
What is Price Floor?
The competition is high and there are many Sellers and similar but differentiated products
What is Monopolistic competition?
The total dollar value of all final goods and services produced within a country’s borders during a specific period of time
What is GDP?
People who aren’t working and aren’t actively looking for work.
What is not in the labor force?
Happens when the cost of producing goods and services increases.
What is Cost-Push Inflation?
Maximum legal price; usually creates a shortage.
What is Price Ceiling?
The key idea is what one company does can affect the other companies
What is a Oligopoly?
A good or service comes into the country
What is an import?
Employed + Unemployed
What is the labor force formula?
The pattern of expansion and contraction in economic activity over time.
What is the Business Cycle?
The government-set price actually changes the market outcome
What is Binding Price Control?
Agriculture products is what runs this market
What is perfect competition?
Measures production using current prices
What is nominal GDP?
Number of Unemployed/ Labor force x 100
What is the Unemployment Rate?
The 4 stages of the Business Cycle.
What is Expansion, Peak, Contraction and Trough?
The government set prices doesn’t affect the market
What is non-binding Price Control?
4 Market Strcutres
What is Perfect Competition, Monopolistic competition, Oligopoly, and Monopoly?
C+I+G+(X-M)=GDP
What is the GDP Formula?
The 3 types of unemployment
What is frictional, structural and cyclical unemployment?
The Federal Reserve controls this policy.
What is Monetary Policy?