| A | B |
|---|
| Equilibrium | point of balance between price and quantity |
| Disequilibrium | when quantity supplied is not equal to quantity demanded in a market |
| Excess Demand | occurs when quantity demanded is more than quantity supplied |
| Excess Supply | occurs when quantity supplied exceeds quantity demanded |
| Price Ceiling | a maximum price that can be charged for a good |
| Price Floor | minimum price for a good or service |
| Rent Control | price ceiling placed on rent |
| Minimum Wage | a minimum price that an employer can pay a worker for an hour of labor |
| Surplus | quantity supplied is greater than quantity demanded; also known as excess supply |
| Shortage | quantity demanded is greater than quantity supplied; also known as excess demand |
| Search Costs | the financial and opportunity costs consumers pay in searching for a good or service |
| Supply Shock | sudden shortage of a good |
| Rationing | a system of allocating scarce goods and services using criteria other than price |
| Black Market | a market in which goods are sold illegally |
| Spillover Costs | costs of production that affect people who have no control over how much of a good is produced |
