Examlex
Define globalization and how has it affected the economy.
Price Ceiling
A legally established maximum price that can be charged for a good or service, usually set below the equilibrium price to make goods more affordable.
Excess Demand
A situation where the quantity demanded of a good exceeds the quantity supplied at a given price, often leading to upward pressure on prices.
Equilibrium Quantity
The quantity of goods or services at which demand equals supply, leading to a stable market condition.
Minimum Wage
The lowest legal wage that can be paid to most workers.
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