Economics Chapter 6

This is a situation in which prices are relatively stable and the quantity of goods or services supplied is equal to the quantity demanded.

This is the monetary value of a product as established by supply and demand.

The lowest legal wage that can be paid to most workers.

This is essentially a price floor for farm products.

Under this law, eligible producers of grains, cotton, and rice can enter into a seven year program that allows them flexibility to plant any crop on their land.

A maximum legal price that can be charged for a product.

A system under which an agency such as government decides everyone's "fair" share.

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

This is a ticket or a receipt that entitles the holder to obtain a certain amount of a product.

This is a loan that carries neither a penalty nor further obligation to reply if not paid back.