Econ 6
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| A demand schedule shows... | How much of a good consumers are willing to buy at various prices
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| A supply schedule shows... | How much firms are willing to sell at various prices
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| Equilibrium | The point of balance at which the quantity demanded equals the quantity supplied
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| How do you find equilibrium? | Look for the price at which the quantity supplied equals the quantity demanded
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| Disequilibrium | When quantity supplied is not equal to quantity demanded in a market
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| Two outcomes of disequilibrium | Shortage or surplus
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| Shortage | When quantity demanded is more than quantity supplied
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| If you are running a bakery and notice long lines of customers waiting to buy your goods what would you do? | Raise prices to earn more profit
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| What happens if the price is too high? | People buy less and a surplus exists
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| Surplus | When quantity supplied is more than quantity demanded
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| Price ceiling | Maximum price that can legally be charged for a good or service
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| Who sets price ceilings and rent control? | The government
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| Why are price ceiling and rent control set? | To prevent inflation of prices so those who are poor can have "essential" good or services that might ebecome too expensive.
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| Price floor | Minimum price for a good or service
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| Minimum wage | Minimum price that an employer can pay a worker for one hour of labor
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| Why does the government set price floors? | So sellers(laborers) receive at least a minimum reward for their efforts
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| What happens in the market if the minimum wage is set above the market equilibrium? | The demand for workers will go down
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| Which direction does the supply curve shift as manufacturers continue to offer greater supply of one good? | Right
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| Inventory | Quantity of goods that a firm has on hand
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| Which direction does a supply curve shift is there is a reduction in supply? | Left
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| Fad | Product that enjoys enormous popularity for a short time
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| Search costs | Financial and opportunity cost that consumers pay in search for a product or service
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| Price | A standard measure of value
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| Supply shock | Sudden shortage of a good
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| Rationing | The allocation of scarce goods and services using criteria other that price
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| Black market | Goods are sold illegally, without regard for government controls on price or quantity
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| Efficient resource allocation | Economic resources-land, labor, capital-wil
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| Adam Smith | Wrote "The Wealth of Nations"-explained that businesses prosper by finding our what people want and then providing it
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| Rent Control | A price ceiling placed on apartment rent
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| Financial Aid | Assistance in the form of grants and loans to help individuals in a time of need
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| Inventory | The quantity of goods that a firm has on hand
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| Subsidy | A government grant often given to farmers to guarantee a certain price for their product
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| Price System | Communication between buyers and sellers through the use of prices
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| Imperfect Conditions | A market structure in which only a few firms produce the same product
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| Invest | To use assets to earn income or profit
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