Advertisement Upgrade to remove ads

equilibrium

the point at which the demand for a product or service is equal to the supply of that product or service

disequilibrium

describes any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in a market

shortage

when quantity demanded is more than quantity supplied

surplus

when quantity supplied is more than quantity demanded

price ceiling

a maximum price that can legally be charged for a good or service

rent control

a price ceiling placed on apartment rent

price floor

a minimum price for a good or service

minimum wage

a minimum price that can pay a worker for one hour of labor

inventory

the quantity of goods that a firm has on hand

fad

a product that is popular for a short period of time

search costs

the financial opportunity costs that consumers pay when searching for a good or service

supply shock

a sudden shortage of a good

rationing

a system of allocating scarce goods and services using criteria other than price

black market

a market in which goods are sold illegally, without regard for government controls on price or quantity

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set