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Chapter 6 - vocabulary practice

Government may hold down the price of apartments withrent control
Inequality between quantities supplied and demanded results in marketdisequilibrium
Problem created when quantity supplied exceeds demand is excesssupply
Government-imposed maximum charge for a good is a(n)price ceiling
Quantities supplied in excess of quantities demanded result in a(n)surplus
Government-imposed minimum for a good or service is a(n)price floor
When supply and demand meet at a particular price, the market is said to be atequilibrium
Quantities demanded in excess of quantities supplied create a(n)shortage
Dividing up scarce goods and services without concern for prices definesrationing
Economists call a sudden shortage of goodssupply shock
Problem created when quantity demanded exceeds supply is excessdemand

The Highlands School
Irving, TX

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