ECON ch. 6: prices
Authored by Samantha Nichols
Business
9th - 12th Grade
Used 8+ times
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
monetary value of a product
Price
price ceiling
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
system of allocating goods/services without prices
rationing
economic model
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
simplified version of a complex concept, usually in the form of a graph, figure, or diagram
economic model
equilibrium price
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
price where quantity suppled equals quantity demanded
equilibrium price
price ceiling
price floor
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
quantity of output supplied that is exactly equal to quantity demanded
equilibrium price
equilibrium quantity
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
where quantity supplied is less than quantity demanded
surplus
shortage
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
where quantity supplied is greater than quantity demanded
surplus
shortage
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