Mr. Stickler's Liberty Christian ECON. "Prices & Decision Making" Flshcrds. 2016
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| What does the term "price" mean? | show 🗑
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| show | "A system under which a government agency decides everyone's 'fair share'". (Pg. 145)
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| What are "ration coupons"? | show 🗑
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| show | These were used during World War II to help the war effort. Products such as sugar, gasoline, and steel were also rationed.
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| What are three (3) problems with rationing? | show 🗑
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| What are rebates? | show 🗑
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| show | "The price at which the number of units produced equals the number of units sold". (Pg. 149)
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| show | "A maximum legal price that can be charged for a product." (Pg. 157)
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| show | "The lowest legal price that can be paid for a good or service." (Pg. 158)
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| What does the term "target price" refer to? | show 🗑
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| show | "A loan that carries neither a penalty nor further obligation to repay if not paid back". (Pg. 159)
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| show | "A check the government sends to producers to make up the difference between market price & the target price". (Pg. 159)
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| show | This program paid farmers NOT to farm. The purpose was to reduce the supply of agricultural products available in the market in hopes of controlling prices so they wouldn't plummet, causing farmers to go bankrupt. (Pg. 160)
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