Econ_project - What is a term describing the monetary value...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
What is a term describing the monetary value of a product as established by supply and demand =price What is called a system under which an agency such as government decides everyone’s “fair” share? =rationing What is a partial refund of the original price of the product? = rebate What do you call a situation in which prices are relatively stable, and the quantity of goods or services supplied is equal to the quantity demanded? = surplus = market equilibrium = shortage What is a situation in which the quantity supplied is greater than the quantity demanded at a given price? = surplus = market equilibrium = shortage What is a situation in which the quantity demanded is greater than the quantity supplied at a given price? = surplus = market equilibrium = shortage What is the price that “clears the market” by leaving neither a surplus nor a shortage at the end of the trading period? = equilibrium price What is a maximum legal price that can be charged for a product? = price ceiling = price floor = target price = minimum wage What is the lowest legal wage that can be paid to most workers? = price ceiling
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/22/2011 for the course ASIAN STUD 5A taught by Professor Laveck,k during the Spring '06 term at University of California, Berkeley.

Page1 / 4

Econ_project - What is a term describing the monetary value...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online