The point at which quantity demanded and quantity supplied are equal. (p. 125)

A situation in which quantity supplied is greater than quantity demanded; also known as excess supply. (p. 134)

A sudden shortage of a good. (p. 141)

A time of War; more specifically World War II.

It causes there to be less money to distribute which leads to lower employment rates. (i.e. minimum wage)

When quantity demanded is more than quantity supplied. (p. 126)

A situation in which a good or service unavailable, or a situation in which the quantity demanded is greater than the quantity supplied, also known as excess demand. (p. 136)

A system of allocating scars goods and services using criteria other than price. (p. 141)

Have no fear- steak will be returning in a short time.

When subsidies are given prices are lowered because it costs less for firms to produce. When regulations such as taxes or tariffs are mandated price goes up to account for unwanted expenses

A maximum price that can be legally charged for a good or service. (p.128)

The financial and opportunity costs consumers pay when searching for a good or service. (p. 136)

A market in which goods are sold illegally. (p.142)

Permanent- oil is a nonrenewable resource

The price of a good and quantity sold will settle at a point where the quantity supplied equals the quantity demanded

The minimum price for a good or service. (p. 128)

The market moves to a new equilibrium. (p. 133-37)

The cost of production that affects people who have no control over how much of a good is produced. (p. 144)

That businesses prosper by giving the consumers what they desire; see Adam Smith's "The Wealth of Nations"

By using the factors of production prices tell consumers and suppliers which goods are in short supply and which are plentiful.

A price ceiling placed on rent. (p. 129)

Market prices and quantity sold adjust, and buyers and sellers change their behavior over time; also known as elasticity. (p. 133-37)

Prices provide a common language that enables land, labor, and capitol to flow into the hands of those who value them the most. (p. 139-44)

It would still be purchased because milk is a necessity. Milk is an inelastic product.

Prices are formed by the consumers desires. (i.e. quality, type, brand name, cost, etc.)