Price ceiling: This term refers to a government-imposed maximum price set below equilibrium market levels for certain goods or services with the intention of making them more affordable for consumers.
Supply and demand: This term represents the relationship between producers supplying goods or services and consumers demanding those products at various prices. Understanding this concept is essential when studying price fluctuations in markets.
OPEC (Organization of Petroleum Exporting Countries): This term refers to a group of oil-producing nations that coordinate policies to control the supply and price of oil in global markets. Their actions can influence rising or falling energy prices worldwide.