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Definition
| a market system in which relative prices are constantly changing to reflect supply and demand |
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| provides the info to buyers and sellers about what should be bought and sold |
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Definition
| act of trading that is to help both sides of parties |
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Definition
| price we pay for the item are determined by the forces underlying supply and demand |
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Definition
| all costs associated with the exchange |
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Definition
| first come first serve basis |
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Definition
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Term
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Definition
| pay a price and surrender a coupon |
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Term
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Definition
| government mandated minimum or maximum price that must be charged for goods or service |
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Definition
| max price that can be charged |
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Term
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Definition
| min price that can be charged |
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Term
| nonprice rationing devices |
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Definition
| methods used to ration scarce goods that are price controlled |
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Term
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Definition
| goods are traded above the legal max or where illegal goods are sold |
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Definition
| local government tells building owners how much they can charge their tenants |
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Term
| functions of rental prices |
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Definition
1. promote the efficient maintenence of existing housing
2. allocate existing scarce housing among competing claimants
3. ration the use of existing housing by current demanders |
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Definition
| lowest hourly wage rate that must be paid to workers |
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Term
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Definition
| physical supply restriction on imports of a good |
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