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ECON 3.7 - 3.9

Full Name:
Period:
Horizontales
When the quantity demanded in a market is more than the quantity supplied.
A system of allocating goods and services using criteria other than price, is expensive and can take a long time to recognize.
The point of balance at which the quantity demanded equals the the quantity supplied.
A sudden shortage of a good such as gasoline or wheat.
A minimum price employers can pay for one hour of labor.
The financial and opportunity costs that consumers pay in searching for a product or service.
Occurs when quantity supplied does not match quantity demanded.
Allow customers to pay more so they can buy a product when rationing makes it otherwise unavailable.
Price ceiling placed on rents to prevent inflation during a housing crisis.
Verticales
Exchange one type of good or service for another.
When quantity supplied exceeds quantity demanded.
Quantity of goods that a firm has on hand.
Maximum price that can be legally charged for a good or service.