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The Market Economy part 2 Flashcards | StudBud
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The Market Economy part 2
The Market Economy part 2
11 terms
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StudBud Administration
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262 plays
#bayside #economics
Flashcards
11 cards
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Practice quiz
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Host live
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Questions
11
Answers
1
This stops the price from going
under
a specific amount
Price Ceiling
Price Floor
2
A good or service where price greatly effects the supply/demand
Inelasticity
Elasticity
3
Supply equals demand at this point
Shortage
Equilibrium Price
Surplus
4
These jobs require a degree or special training
Unskilled Jobs
Skilled Jobs
5
This often occurs during war when there is a food shortage
Surplus
Conspicuous Consumption
Rationing
Hoarding
6
This stops the price from going
over
a specific amount
Price Ceiling
Price Floor
7
When a product is being sold at a price is
below
the equilibrium price
Shortage
Surplus
8
These jobs require very little training, skills, or education
Skilled Jobs
Unskilled Jobs
9
When a product is being sold at a price is
above
the equilibrium price
Surplus
Shortage
10
A good or service where price
does not
greatly effects the supply/demand
Inelasticity
Elasticity
11
An arrangement where you buy
illegal
goods and service
Black Market
Stock Market
Farmer's Market
Free Market