Terms
Terms
Charts
Terms
Concepts
100
When quantity demanded is more than quality supplied
What is shortage
100
minimum price that an employer an pay a worker for one hour of labor
What is minimum wage
100
what does this chart display? (Chart at front)
What is falling prices
100
system of allocating scarce goods and services using criteria other than price
What is rationing
100
Controlled distribution, such as a war ration book, is an example of this
What is command economy
200
When quantity supplied is more than quantity demanded
What is Surplus
200
the quantity of goods that a firm has on hand
What is inventory
200
What is the trading of goods illegally? (Chart at front)
What is the black market
200
price ceiling placed on apartment rent
What is rent control
200
Who benefits when suppliers over produce
What is consumers
300
the financial and opportunity costs that consumers pay when searching for a good or service
What is search cost
300
A product that is popular for a short period of time
What is fad
300
What is demonstrated from 2010-2011? (Chart at front)
What is a fad
300
The hoop of reward or fear of penalty the encourages a person to behave a certain way
What is incentive
300
As a high school athlete, you make an extra effort when you know a scout is watching. What is this known as?
What is price incentive
400
Maximum price that can be legally charged for a good or service
What is Price Ceiling
400
market in which goods are sold illegally, without regard for government controls on price or quantity
What is black market
400
What term does this photo define? (Chart at front)
What is financial aid
400
What is known as when supply is equal to demand
What is equilibrium
400
Lowering this leads to lowering manufacturing costs as well as the price
What is input costs
500
Any price or quantity not at equilibrium; when quantity supplied is not equal to quality demanded
What is disequilibrium
500
A sudden shortage of a good
What is supply shock
500
What does a decrease in demand cause? (Chart at front)
What is a higher supply
500
shared good or service for which it would be ineffiecient to make consumers pay individualy and to exclude those who did not pay
What is public good
500
This has led to to slow down in housing construction leading to a shortage of sawdust
What is housing loans or bad credit
M
e
n
u