Unit 6 Vocab Flashcards

1
Q

Price

A

Monetary value of a product.

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2
Q

Rationing

A

System of allocating goods without price.

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3
Q

Biofuels

A

Fuel made from living materials.

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4
Q

Equilibrium Price

A

Price where quantity supplied equals quantity demanded.

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5
Q

Equilibrium Quantity

A

Quantity of output supplied is equal to quantity demanded at equilibrium price.

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6
Q

Surplus

A

When quantity supplied is greater than quantity demanded.

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7
Q

Shortage

A

When quantity supplied is less than quantity demanded.

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8
Q

Price Ceiling

A

Highest legal price that can be charged on a product.

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9
Q

Price Floor

A

Lowest legal price that can be paid for a product.

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10
Q

Target Price

A

Price floor for agricultural products set by the government to stabilize farm prices.

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11
Q

Nonrecourse Loan

A

Loan that carries neither penalty or obligation to repay.

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