Chapter 6 Review

A loan that carries neither a penalty nor further obligation to repay if not paid back

A government document which entitles the bearer to a certain amount of a product.

How can producers and consumers compare the relative value of products?

Green

How will a positive shift in production affect equilibrium quantity?

The total value of trade is positive for buyers and sellers

Maximum legal price which may be charged for a good or service

Often analysis of prices can signal changes within a __.

How will a positive shift in production affect equilibrium price?

A price floor creates an arbitrary __.

The quantity supplied is greater than the quantity demanded at a given price

Prices are seen as __ because they represent a compromise between buyers and sellers.

The __ system that links all the separate markets within an economy

Makes up the difference between target price and actual price

The quantity demanded is greater than the quantity supplied at a given price

A __ system is that in which the government decides how much is fair for everyone to receive

The total value of trade is negative for buyers and sellers

How will a positive shift in demand affect equilibrium quantity?

How will a positive shift in demand affect equilibrium price?

The price system carries no __ because there is little government involvement

Price at which number of units produced = the number of units sold in the market

Purple

Bonus: Which Organization presents the Tony Awards each year?

Bonus: There are how many nations in the world?

Black Dot

Great Depression - A price floor used to help stabilize farms

Red Line

Prices are seen as __ because they can react to market changes.

Grey

Rent controls is an example of a __.

The point at which producers and consumers agree on a particular price for an item

Monetary value of a product determined by supply and demand.

Bonus: Who is this person?

Yellow

Minimum wage is an example of a __.

Minimum legal price which may be paid for a good or service

Blue Line

A price ceiling creates an arbitrary __.