4 terms
Supply Shock
Supply shock
A supply shock is an event that suddenly increases or decreases the supply of a commodity or service, or of commodities and services in general.
Rationing
allow each person to have only a fixed amount of (a particular commodity).
Black market
an illegal traffic or trade in officially controlled or scarce commodities.
Spillover cost
spillover effects are economic events in one context that occur because of something else in a seemingly unrelated context.