Unit Two Lesson Six Economics

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

• Blue Market

• Black Market

• Price Floor

• Price Ceiling

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

• Price floor

• Market Equilibrium

• Price ceiling

• equilibrium price

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

• equilibrium quantity

• Human capital

• Market Equilibrium

• Black Market

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

• Price equilibrium

• Price control

• market equilibrium

• Market control

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

• Revenue factor

• Price control

• Price floor

• Price Ceiling

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

• Price controls

• Maket contols

• Price equilibrium

• Market equilibrium

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

• Capital

• Price ceiling

• Rationing

• Price floor

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

• Rationing

• Price floor

• Monopoly

• Price ceiling

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

• Disequilibrium

• Rationing

• Market equilibrium

• Price floor

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

• Farmers will be unable to sell any watermelons at all.

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

• Many customers who want watermelons will go home empty-handed

• Most farmers will take home extra unsold watermelons.