Posted in Economics

Econ 6.2 Vocab

  1. transactions: the action of buying and selling
  2. equilibrium price: when the number of units produced equals the number of products sold
  3. surplus: too much of an item (higher quantity than demand)
  4. shortage: too little of an item (less quality than demand)
  5. predict: to guess the future based on what you already know
  6. increase: go up
  7. decrease: go down
  8. natural disaster: a very dangerous Earth event (tornado, earthquake, etc.)
  9. fluctuate: to change; fluid
  10. efficiently: to work well without wasting time and energy
  11. marketplace: what sets the prices and allows buyers and sellers to adjust

 

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