Unit 2 Lesson 6 Vocab - Ashlyn Welz

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Across
  1. 1. The equilibrium quantity is the amount of a good that is bought and sold at the equilibrium price.
  2. 3. Market equilibrium is when the quantity buyers want to buy equals the quantity sellers want to sell.
  3. 6. A price floor is a minimum legal price set by the government that a good cannot be sold below.
  4. 7. The equilibrium price is the price at which supply and demand meet, so there is no shortage or surplus.
  5. 8. A price ceiling is a maximum legal price set by the government that a good cannot be sold above.
Down
  1. 2. A black market is an illegal market where goods are sold secretly, usually at higher prices, to avoid government rules.
  2. 4. Rationing is a system that limits how much of a good each person can buy when there isn’t enough for everyone.
  3. 5. Price controls are government rules that limit how high or low a price can be charged.