Economics Prices and Decision Making

The monetary value of a product established by supply and demand

High prices signal buyers to buy less and producers to do what?

Low prices signal buyers to buy more and producers to do what?

Prices are ____________ because they favor neither the producer nor the consumer.

A system in which a government agency decides everyone’s “fair” share

A ticket or a receipt that entitles the holder to obtain a certain amount of a product

A simplified version of complex behavior expressing in the form of an equation, graph or illustration

The price at which the number of units produced equals the number of units sold

a situation in which the quantity supplied is greater than the quantity demanded at any given price.

a situation in which the quantity demanded is greater than the quantity supplied at a given price.