Do Now May 1, 2014

Disequilibrium: Any price or quantity not at equilibrium

Price Floor: The lowest price allowed on a good or service  Rent control: A price ceiling placed on rent- In New York the apartments can only go to a certain fish

minimum wage: The minimum price that an employer must pay a worker for an hour labor- When I used to work with a family friend she gave me like $8 an hour and the was the least amount I could receive from her

Financial Aid- Assistance in form of grants and loans to help people in time of need- When I go to college I will need Financial Aid

Fad: A product that becomes very popular in a short amount of time  Price system: The communication between buyers and sellers 

Supply Shock: A sudden shortage of a good- 

Black Market: an illegal

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