| A | B |
|---|
| price floor | What the governments minimum price that can be charged for goods and services. |
| shortage | When the amount by which the quantity demanded is higher than the quantity supplied |
| government price controls | This is used when the forces of supply and demand are unfair. |
| surplus | This is the amount by which the quantity supplied is higher than the quantity demanded. |
| equilibrium price | This is the point at which supply and demand achieve balance. |
| 1) A decrease in cost of resource and an increase in the number of supplies 2) Workers are more productive, better technology | List two factors that increase supply. |
| supply schedule | A numerical chart that illustrates the law of supply. |
| profit | The money a business receives for its products or services over and above its cost. |
| subsidy | This is a government payment to an individual, business, or other group for certain actions. |
| supply | These are various quantities of a good or service that producers are willing to sell at all possible market prices. |
