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| equilibrium | the point at which quantitiy demanded and quantity supplied are equal |
| disequilibrium | describes any price or quantity not at equilibrium;when quantity supplied is not equal to quantity demanded in a market |
| excess demand | when quantity demanded is more than quantity supplied |
| excess supply | when quantity supplied is more than quantity demanded |
| price ceiling | a maximum price that can be legally charged for a good or service |
| price floor | a minimum price for a good or service |
| rent control | a price ceiling placed on rent |
| minimum wage | minimum price that an emplooyer can pay a worker for an hour of labor |
| surplus | situation in which quantity supplied is greater than quantity demanded;also known as excess supply |
| shortage | situation in which quantity demanded is greater than quantity supplied;also known as excess demand |
| search costs | the financial and opportunity costs consumers pay when searching for a good or service |
| supply shock | a sudden shortage of a good |
| rationing | a system 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 |
