1. Chapter 6 Vocabulary Review - Economics

2. Situation where quantity supplied is greater than quantity demanded at a given price.
Surplus

3. The monetary value of a product.
Price

4. A loan that neither carries a penalty or further obligation (responsibility) to Pay.
Non-Recourse Loan

5. Not her
A simplified version of a complex behavior expressed in the form of an equation, graph or illustration.
Economic Model

6. System of allocating goods and services without prices.
Rationing

7. The quantity of output supplied that is equal to the quantity demanded at the equilibrium price.
Equilibrium Quantity

8. Situation where quantity supplied is less than quantity demanded at a given price.
Shortage

9. The price where quantity supplied equals quantity demanded.
Equilibrium Price

10. The lowest legal price by law that can be paid for a product.
Price Floor

11. A price floor for agricultural products set by the government to stabilize farm prices.
Target Price

12. The highest legal price by law that can be charged for a product.
Price Ceiling

13. A fuel created from living materials like corn.
Biofuels