| Term | Definition |
|---|
| equilibrium | the point at which quantity demanded and quantity supplied are equal |
| disequilibrium | describes any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in a market |
| excess demand | when quantity demanded is more than quantity supplied |
| excess supply | when quantity supplied is more than quantity demanded |
| price ceiling | a maximum price that can be legally charged for a good or service |
| price floor | a minimum price for a good or service |
| rent control | a price ceiling placed on rent |
| minimum wage | a minimum price that an employer can pay a worker for an hour of labor |
| surplus | situation in which quantity supplied is greater than quantity demanded; also known as excess supplied |
| shortage | quantity demanded is greater than quantity supplied |
Combine with other sets
Share on Facebook
Share on MySpace