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Economics Final Vocab Review 2

Teacher: Julie Nordin - Economics  
Name ______________________
When quantity supplied is more than quantity demanded.
A graphic representation of the quantities of a good that will be bought at each price.
Situation in which quantity demanded is greater than quantity supplied
The amount a supplier is willing and able to supply at a certain price.
The smallest amount, by law that can be paid to a worker for an hour of labor.
An institution that functions like a business but does not operate in order to generate a profit.
The assumption that nothing but the price of a good will change.
The legally bound obligation to pay debts.
A good that is bought and used along with another good.
When quantity supplied and quantity demanded are not the same in a market.
A business in which the owners share equally in both responsibility and liability.
A price ceiling placed on the amount people pay for housing.
The cost of producing one more unit of a good.
A maximum amount that can be legally charged for a good or service.
Authorization to start a business issued by the local government.
The change in consumption resulting from a change in real income.
The additional income from selling one more unit of a good.
A factor that can change.
A share representing a portion of ownership in a corporation.