This is the name for the communication between buyers and sellers through the use of prices.
What is the price system.
100
This is the term used to describe a time when the government provides or allows only a certain amount of a good.
What is rationing.
100
This is when there are extra goods caused by the difference between what a seller is willing to supply and buyers are willing to pay at that price.
What is a surplus.
100
This is a helpful side effect of an economic situation.
What is positive externality.
100
This provides buyers and sellers with the information on the relative worth of a good or service.
What is price system.
200
This is the term used to describe the value that most people would place on a good.
What is relative worth.
200
During a time of rationing, this can be exchanged for a certain amount of a good.
What is a ration coupon.
200
This is when the number of goods needed is greater than the number producers are willing to sell.
What is a shortage.
200
This is the name for a harmful side effect of an economic situation.
What is negative externality.
200
This occurs when buyers and sellers are not well informed, resources don't shift from one market to another, and prices don't reflect the cost of production.
What is a market failure.
300
These are the two types of externalities.
What are positive externality and negative externality.
300
Governments typically will only ration goods during this.
What is a crisis.
300
This is the special name for the price that both buyers and sellers are willing to accept.
What is equilibrium price.
300
This is the term for the maximum price for some goods and services.
What is price ceiling.
300
Externalities and public goods are the types of this.
What are market failures.
400
This is the name for products or services that are available to everyone.
What is public goods.
400
This can sometimes be used as a rationing device. Only allowing those that can afford a good to buy it.
What is price.
400
This is the term used to describe when the amount supplied equals the amount demanded.
What is equilibrium point.
400
This is the term for a minimum price for some goods and services.
What is price floor.
400
This is the point at which buyers and sellers are satisfied with the price of something, and all goods produced at that price are sold.
What is equilibrium point.
500
This is the term used to describe when there are problems in the market because buyers and sellers are not well informed, resources are not free to shift to where they can be better used, or prices are not set reasonably.
What is market failure.
500
During times of rationing there are sometimes illegal markets where individuals can by goods illegally. This type of market is often referred to as this.
What is a black market.
500
This is the lowest amount of money that an employer can pay their employees.
What is minimum wage.
500
This is when buyers and sellers use prices to communicate with each other.
What is a price system.
500
Only people who are willing and able to buy goods will get them describes this being used as a rationing device.