Macro Ch 4 Vocab

cnbunny's version from 2016-03-03 06:53


Question Answer
a market in which goods are sold illegally at a price above the legal ceilingblack market
the loss to the owner of an asset when it is sold for a price lower than its original purchase pricecapital loss
a tax on a specific good or serviceexcise tax
a variable representing a process that takes place over some time periodflow variable
a loan given to a home-buyer for part of the purchase price of the homemortgage
a government-imposed maximum price in a marketprice ceiling
a government-imposed minimum price in a marketprice floor
government-imposed maximum rents on apartments and homesrent controls
the smaller of quantity supplied and quantity demanded at a particular priceshort side of the market
an excess demand not eliminated by a rise in price, so that quantity demanded continues to exceed quantity suppliedshortage
a variable representing a quantity at a moment in timestock variable
a government payment to buyers or sellers on each unit purchased or soldsubsidy
an excess supply not eliminated by a fall in price, so that quantity supplied continues to exceed quantity demandedsurplus
the division of a tax payment between buyers and sellers, determined by comparing the new (after tax) and old (pretax) market equilibriumstax incidence