Unit Two Lesson Six Economics

Front

an illegal market in which goods are traded at prices or in quantities higher than those set by law

Back

Black Market

Front

the price at which the quantity of a product demanded by consumers equals the quantity supplied by producers

Back

equilibrium price

Front

the quantity of a good or service demanded by consumers and supplied by producers when the market is in equilibrium

Back

equilibrium quantity

Front

Point at which the quantity of a product demanded by consumers in a market equals the quantity supplied by producers

Back

market equilibrium

Front

a maximum price set by the government to prevent prices from going too high

Back

Price Ceiling

Front

government-imposed limits on the prices that producers may charge in the market

Back

Price controls

Front

a minimum price set by the government to prevent prices from going too low

Back

Price floor

Front

the controlled distribution of a limited supply of a good or service

Back

Rationing

Front

What happens when the price of a good adjusts to bring the quantity demanded and the quantity supplied into balance?

Back

Market equilibrium

Front

At the farmers market, what happens when watermelons reach their equilibrium price?

Back

Customers will buy all of the melons that farmers are selling.