CM Econ Vocab unit 2

Front

Goods available

Back

supply

Front

Consumer willingness and ability to buy products

Back

Demand

Front

Price where supply equals demand

Back

equilibrium price

Front

Struggle among producers for consumer dollars

Back

competition

Front

Govt financial support

Back

subsidies

Front

Quantity demanded > quantity supplied

Back

shortage

Front

(n.) amount beyond what is required; (adj.) more than needed

Back

surplus

Front

Legal minimum price for a good

Back

price floor

Front

Market structure with few large firms dominating.

Back

Oligopoly

Front

Exclusive control of supply or trade in a commodity or service.

Back

Monopoly