12 ECON Vocab 6 Word Scramble
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| Term | Definition |
| shortage | quantity demanded is greater than quantity supplied |
| deficiency payment | check sent to producers that makes up the difference between the actual market price and the target price |
| price | monetary value of a product |
| surplus | quantity supplied is greater than quantity demanded at a given price |
| equilibrium price | price that produces neither a surplus nor a shortage |
| ration coupon | ticket that entitles the holder to a certain amount of a product |
| target price | a socially desirable price determined by factors other than the market |
| price ceiling | maximum legal price that can be charged for a product |
| rationing | system under which the government or another agency decides everyone's fair share of a product |
| price floor | the minimum wage, the lowest legal price that can be paid to most workers, is an example of this |
| rebate | partial refund of the original price of a product |
| price ceiling | where these occur, resources slowly shift to other markets where equilibrium prices prevail |
| equilibrium price | price that "clears the market" |
| surplus | unsold product that causes suppliers to reduce their prices |
| shortage | condition that leaves suppliers wishing they had more product to sell |
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breckart2
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