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Prices
How prices work
target price: price floor for agricultural products set by the government to stabilize farm prices.
nonrecourse loan: loan that carries neither penalty nor further obligation to pay.
arbitrarily: randomly or by chance.
price: the monetary value of a product
neutral: favoring neither one nor the other
criteria: characteristics used to make decision or judgement.
rationing: systems of allocating
and services w/o prices.
biofuels: fuels created from
living materials.
voluntary: done or brought about by free choice
economic model: a simplified version of a complex behavior expressed in the form of an equation, graph or illustration.
equilibrium price: price where quantity supplied equals quantity demanded.
equilibrium quantity: quantity of output supplied that is equal to the quantity demanded at the equilibrium price.
surplus: situation where quantity supplied is greater than quantity demanded at a given price.
shortage: situation where quantity supplied is less than quantity demanded at a given price.
fluctuate: to rise and fall uncertainly
price ceiling: the highest legal price that can be charged for a product.
price floor: the lowest legal price that can be paid for product.
stabilize: to make steady or unchanging.