Equilibrium
Price
Rationing
Miscellaneous
100
What is demand?
The need for a product
100
Give an example of Incentive
Ex. The winner of Jeopardy gets candy.
100
What is the Black Market.
A system in which people illegally buy goods and services.
100
What is supply?
The amount of product being produced.
200
What is a surplus?
The excess of a product
200
True or false: High prices usually reduce the amount of product bought.
True
200
What is the current minimum wage in Ohio?
8.10$ per hour
200
What is a disequilibrium?
An imbalance between quantity demanded and supply
300
What is a shortage?
When you don't have enough product to satisfy demand
300
How many characteristics are in the price system?
Four
300
Define minimum wage?
The minimum legal price that an employer has to pay an employee for one hour of work
300
What is a price ceiling?
A maximum price.
400
What do you call the PRICE in which demand and quantity are at an equilibrium.
Equilibrium Price
400
Define competitive pricing
Balance between highest profit and luring customers away from rival businesses
400
Define Rationing
A system in which the government allocates goods and services using factors other than price
400
What is a price floor?
A minimum price.
500
What type of equilibrium does the MARKET move towards when buyers and sellers interact.
Market Equilibrium
500
Name one Characteristic of the price system
Efficient, Market driven, Flexible, Neutral
500
Give an example in which Rationing was used
World War 2
500
When is a good time to see a surplus or shortage?
Holidays
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