Econ Chapter 6
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| a situation in which the quantity supplied and the quantity demanded at a particular price are equal | market equilibrium
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| the price at which the quantity demanded equals the quantity supplied | equilibrium price
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| a situation in which the government takes in more than it spends | budget surplus
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| a situation in which demand is greater than supply, usually the result of prices being set too low | shortage
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| a situation in which quantity supplied and quantity demanded are not in balance | disequilibrium
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| a situation in which producers sell goods and services at prices that best balance the twin desires of making the highest profit and luring customers away from rival producers | competitive pricing
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| a benefit offered to encourage people to act in a certain way | incentive
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| an established maximum price that sellers may charge for a product | price ceiling
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| an established minimum price that buyers must pay for a product | price floor
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| the lowest amount, established by law, that an employer may pay a worker for one hour of work | minimum wage
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| a system in which the government allocates goods and services using factors other than price | rationing
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| the illegal business of buying or selling goods or services in violation of price controls or rationing | black market
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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