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Economic...C6.....Part 1 & 2 Vocabulary

AB
pricemonetary value of a product as established by supply and demand
rationingsystem of allocating goods and services without prices
ration couponpermit that allows the holder to recieve a given amount of rationed product
rebatea partial refund of a product's orginal price
neutralfavoring neither side in a dispute
criteriaa standard or rule upon which judgement can be based
economic modela simplified version of a complex behavior expressed in the form of an equation, graph, or equation
equilibrium priceprice where quantity supplied equals quanity demanded
surplusquantity supplied is greater than quantity demanded at agiven price
shortagequantity supplied is less than quantity demanded at a given price
voluntarydone by free choice
fluctuateschanges



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