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Econ Ch. 2


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bumper crop
unexpectedly large crop resulting from good growing conditions.
real price
price adjusted for the effects of inflation
protective tariffs
taxes placed on imported goods to protect domestic producers
price supports
legally fixed minimum prices
administered prices
prices regulated by government
rationing function of price
ability of flexible market price to clear the market of shortages and surpluses
deficiency payment
target price minus market price, times the number of units sold
exporting goods at prices below the cost of production
the domination of a market or industry by a few large firms
inelastic demand
Demand in which buyers are relatively unresponsive to changes in price.
normal profit
minimum profit needed to keep a farmer in business
programs to restrict supply
policies to decrease the amount produced and offered for sale
target prices
support program in which farmers will be paid the difference between the target and the market price

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