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