Ap Flashcards

3313857969	Price	Monetary value of the product as established by supply and demand	0
3313857970	Rationing	A system under which an agency such as government decides everyone's fair share	1
3313857971	Ration coupon	A ticket or receipt that entitles the holder to obtain a certain amount of a product	2
3313857972	Rebate	A partial refund of the original price of the product	3
3313857973	Price ceiling	A maximum legal price that can be charged for a product	4
3313857974	Minimum wage	The lowest legal wage that can be paid to most workers	5
3313857975	Price floor	Lowest legal price that can be paid for a good or service	6
3313857976	Target price	A price floor for farm products	7
3313857977	Nonrecourse loan	A loan that carries neither a penalty nor further obligation to repay if not paid back	8
3313857978	Deficiency payment	A check sent to producers that makes up the difference between the actual market price and the target pricks	9
3313857979	Economic model	A set of assumptions and or relationships that can be listed in the table illustrated with a graph or even stated algebraically	10
3313857980	Market equilibrium	A situation in which prices are relatively stable and the quantity of goods and services supplied is equal to the quantity demanded	11
3313857981	Surplus	A situation in which the quantity supplied is greater than the quantity demanded at a given price	12
3313857982	Shortage	A situation in which the quantity demanded is greater than the quantity demanded at a given price	13
3313857983	Equilibrium price	The price that clears the market by leaving neither a surplus nor a shortage at the end of the trading period	14