Econ 6
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| A demand schedule shows... | show 🗑
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| show | How much firms are willing to sell at various prices
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| show | The point of balance at which the quantity demanded equals the quantity supplied
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| show | Look for the price at which the quantity supplied equals the quantity demanded
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| Disequilibrium | show 🗑
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| show | Shortage or surplus
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| show | When quantity demanded is more than quantity supplied
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| show | Raise prices to earn more profit
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| show | People buy less and a surplus exists
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| Surplus | show 🗑
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| Price ceiling | show 🗑
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| Who sets price ceilings and rent control? | show 🗑
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| Why are price ceiling and rent control set? | show 🗑
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| Price floor | show 🗑
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| Minimum wage | show 🗑
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| show | 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? | show 🗑
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| show | Right
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| Inventory | show 🗑
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| Which direction does a supply curve shift is there is a reduction in supply? | show 🗑
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| Fad | show 🗑
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| Search costs | show 🗑
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| Price | show 🗑
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| show | Sudden shortage of a good
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| show | The allocation of scarce goods and services using criteria other that price
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| Black market | show 🗑
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| Efficient resource allocation | show 🗑
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| show | 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 | show 🗑
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| Financial Aid | show 🗑
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| Inventory | show 🗑
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| show | A government grant often given to farmers to guarantee a certain price for their product
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| Price System | show 🗑
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| Imperfect Conditions | show 🗑
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| show | To use assets to earn income or profit
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