Modules 8 & 9 Vocab

Modules 8 & 9 Vocab

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

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17 questions

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1.

FLASHCARD QUESTION

Front

Government-mandated price limits for goods and services.

Back

Price Control

2.

FLASHCARD QUESTION

Front

Legal max price for a good/service

Back

Price Ceiling

3.

FLASHCARD QUESTION

Front

Legal minimum price for a good or service.

Back

Price Floor

4.

FLASHCARD QUESTION

Front

People who desire a good and pay high don’t get it; those indifferent and pay low do get it.

Back

Inefficient allocation to consumers

5.

FLASHCARD QUESTION

Front

Inefficiency from spending money, effort, and time to manage shortages from price ceilings or surpluses from price floors.

Back

wasted resources

6.

FLASHCARD QUESTION

Front

Inefficiency from price ceilings leads sellers to provide low-quality goods at low prices, despite buyers wanting higher quality at higher prices.

Back

Inefficient low quality

7.

FLASHCARD QUESTION

Front

A market where goods/services are sold illegally due to prohibition or price ceilings.

Back

Black Market

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