ch 4 macroeconomics

Card Set Information

Author:
gabo
ID:
104104
Filename:
ch 4 macroeconomics
Updated:
2011-09-25 00:50:15
Tags:
markets action
Folders:

Description:
definitions
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user gabo on FreezingBlue Flashcards. What would you like to do?


  1. Price ceiling
    A legally established maximum price a seller can charge
  2. Price floor
    A legally established minimum price a seller can be paid. (minimum wage)
  3. Market failure
    A situation in which market equlibrium result in too few or too many resources used in the production of goods or services. This inefficiency may justify goverment intervention.
  4. Cases of market failure
    • Lack of competition
    • Externalities
    • Public Goods
    • Income Inequality
  5. Externality
    A cost or benefit imposed on people other than the consumers and producers of a good or service.(pollution)
  6. Public Good
    • A good or services with two properties:
    • Users collectively consume benefits and,
    • There is no way to bar people who do not pay from consumming the good or service.

What would you like to do?

Home > Flashcards > Print Preview