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Harmon's Chapter 6: Equilibrium and Prices
Vocabulary Terms for Chapter 6
9
Economics
12th Grade
02/09/2012

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Term
The point at which quantity demanded and quantity supplied are equal
Definition
Equilibrium
Term
A minimum price for a good or service
Definition
Price floor
Term
When quantity demanded is more than quantity supplied
Definition
Excess demand (shortage)
Term
A price ceiling placed on rent
Definition
Rent control
Term
When quantity supplied is more than quantity demanded
Definition
Excess supply (surplus)
Term
A minimum price that an employer can pay for a worker for an hour of labor
Definition
Minimum wage
Term
A maximum price that can be legally charged for a good or service
Definition
Price ceiling
Term
A system of allocating scarce goods and services using criteria other than price
Definition
Rationing (non-price)
Term
A market in which goods are sold illegally
Definition
Black market
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