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Econ final
Ap Econ
Question | Answer |
---|---|
Scarcity | A lack of something, having too little of something |
Law of supply | A fundamental primciple of economic theory which states that all else is equal. |
Shortage | Or excess demand is when the demand for a product or service exceeds its supply In a market |
Price ceiling | A government imposed priced control or limit on how high a price is charged for a product |
Price floor | A government or group imposed price control or limit on how low a price can be charged for a product. |
Unemployment | Occurs when a person who is actively searching for employment is unable to find work. |
Surplus | The amounted an asset or resource that exceeds the portion that is utilized. |
Unemployment rate | the percentage of the total labor force that is unemployed but actively seeking employment and willing to work. |
Full employment | State of economy in which all eligible people who want to work can find employment at prevailing wage rates. However, it does not imply 100 percent employment because allowances must be made for frictional unemployment and seasonal factors. |
Monopoly | is a market structure in which there is only one producer/seller for a product. |