| A | B |
|---|
| ripple effects | the spreading effects caused by single events. |
| price elasticity | the measure of how responsive both consumers and producers are to price changes. |
| elastic | when the change in % of the quantity demanded is greater than the % change in the price. |
| inelastic | when the change in the % in price is greater than the % change in quantity demanded. |
| total revenue | the total income from the sale of a good or service. |
| surplus | a situation where supply is greater than the quantity demanded. |
| shortage | a situation where demand is greater than supply. |
| price floors | an established minimum price that can be charged. |
| price ceiling | the established maximum price that can be charged. |
