Shared Flashcard Set

Details

Module 9
Supply and Demand: Quantity Controls
6
Economics
12th Grade
02/15/2013

Additional Economics Flashcards

 


 

Cards

Term
quantity control/quota
Definition
An upper limit on the quantity of some good that can be bought or sold.
Term
license
Definition
Gives its owner the right to supply a good or service.
Term
demand price
Definition
The price at which consumers will demand a given quantity.
Term
supply price
Definition
The price at which producers will supply a given quantity.
Term
wedge/quota rent
Definition
The amount between the demand price of the quantity transacted and the supply price of the quantity transacted,
Term
deadweight loss
Definition
The lost gains associated with transactions that do not occur due to market intervention.
Supporting users have an ad free experience!