Flashcards on 4.5: Price controls, created by Jasmine Wells on 12/01/2016.
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Created by Jasmine Wells
almost 9 years ago
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Close
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Created by Jasmine Wells
almost 9 years ago
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What are price controls?
What do price controls result in?
What is a price ceiling?
What is the impact of a price ceiling?
What is price rationing?
What is non-price rationing?
What are underground/parallel markets?
Give an example of parallel markets occuring when price ceiling exists.
Describe the allocation of resources to the good in relation to price ceilings.
How do price ceilings affect consumers?
How do price ceilings affect producers?
How do price ceilings affect workers?
How do price ceilings affect the government?
What is a rent control?
What are the consequences of rent control?
What are food price controls?
What is a price floor?
Why do governments impose price floors?
Describe price floors and agricultural firms.
What are 2 ways governments can make use of the purchased surplus?
How can price floors lead to firm inefficiency?
What are the effect of price floor on consumers?
What effect do price floors have on producers?
What effect do price floors have on workers?
What effect do price floors have on the government?
What effect do price floors have on stakeholders in other countries?
What is a minimum wage?
What are the 4 consequences of minimum wage for an economy?
What effects do minimum wages have on firms?
What are the effects of minimum wage on workers?
What are the effects of price floors on consumers?
