economics 6.3

1. a minimum price for a good or service
3. cost of production that affect people who have no control over how much of a good id produced
6. a situation in which a good or service is unavailable; excess demand
7. when quantity supplied is not equal to quantity demanded in the market
10. the point at which quantity demanded and quantity supplied are equal
11. a short-lived trend without basis in the object's qualities; a craze.
12. when quantity supplied is more than quantity demanded
13. a sudden shortage of a good
14. when quantity demanded is more than quantity supplied
15. a market in which goods are sold illegally
16. a complete list of items such as property, goods in stock, or the contents of a building.

1. a maximum price that can be legally charged for a good or service
2. a system of allocating scarce goods and services using criteria other than price
4. situation in which the quantity supplied is greater than quantity demanded; excess supply
5. a minimum price that an employer can pay a worker for an hour of labor
8. the financial and opportunity costs as a result of inconveniences with supply
9. a price ceiling placed on rent