Eco - Chapter 7 - Supply and Demand

price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy

• equilibrium price
• demand
• surplus
• supply
• rationing

process of freely exchanging goods and services between buyers and sellers

• market
• demand
• surplus
• supply
• rationing

amount that producers are willing to sell at various prices

• supply
• demand
• surplus
• rationing
• shortage

amount of a good or service that consumers are able and willing to buy at various possible prices

• demand
• surplus
• supply
• rationing
• shortage

situation in which quantity supplied is greater than quantity demanded

• surplus
• demand
• supply
• rationing
• shortage

the distribution of goods and services based on something other than price

• rationing
• demand
• surplus
• supply
• shortage

legal maximum price that may be charged for a particular good or service

• price ceiling
• demand
• surplus
• supply
• rationing

amount of satisfaction received from a purchase

• utility
• demand
• surplus
• supply
• rationing

situation in which the quantity demanded is greater than the quantity supplied

• shortage
• demand
• surplus
• supply
• rationing

measure of responsiveness to a change in price

• elasticity
• demand
• surplus
• supply
• rationing