ECON ch. 6: prices

monetary value of a product

• Price

• price ceiling

system of allocating goods/services without prices

• rationing

• economic model

simplified version of a complex concept, usually in the form of a graph, figure, or diagram

• economic model

• equilibrium price

price where quantity suppled equals quantity demanded

• equilibrium price

• price ceiling

• price floor

quantity of output supplied that is exactly equal to quantity demanded

• equilibrium price

• equilibrium quantity

where quantity supplied is less than quantity demanded

• surplus

• shortage

where quantity supplied is greater than quantity demanded

• surplus

• shortage

highest legal price that can be charged for a product

• price floor

• price ceiling

lowest legal price that can be charged for a product

• price floor

• price ceiling

price floor for agricultural products set by the government to stabilize farm prices

• target price

• price ceiling