Ch. 5 Vocab

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Macroeconomics

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10 Terms

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price controls
attempt to set prices through government involvement in the market
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price ceiling
a legally established maximum price for a good or service
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black market
illegal markets that arise when price controls are in place
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rent control
a price ceiling that applies to the market for apartment rentals
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price gouging laws
place a temporary ceiling on the prices that sellers can charge during times of emergency
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price floor
A legally established minimum price for a good, or service
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minimum wage
the lowest hourly rate an employer may legally pay most workers
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Gross Domestic Product (GDP)
the market value of all final goods and services produced within a country in a given period of time
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per capita GDP
Gross Domestic Product per person
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real GDP
GDP adjusted for changes in prices