Match the economic terms to their descriptions.

here are the economic terms for each description:

• 1.3.1 A price set above the equilibrium price/market price to allow producers to make a fair profit.
  • Economic Term: Minimum price / Price floor
• 1.3.2 A wage rate set by the government, below which no employer can pay their workers and it is set above the equilibrium wage rate.
  • Economic Term: Minimum wage
• 1.3.3 A price set below the equilibrium price/market price to make goods affordable.
  • Economic Term: Maximum price / Price ceiling
• 1.3.4 A financial assistance given by the government to businesses or individuals.
  • Economic Term: Subsidy
• 1.3.5 Taxes levied on goods and services before they reach the consumer but ultimately paid by the consumer as part of the market price.
  • Economic Term: Indirect taxes
• 1.3.6 The highest price at which producers can sell a product.
  • Economic Term: Maximum price / Price ceiling
• 1.3.7 The lowest price consumers have to pay.
  • Economic Term: Minimum price / Price floor
• 1.3.8 The lowest wage an employer is allowed to pay an employee.
  • Economic Term: Minimum wage
• 1.3.9 Taxes specifically calculated on the income of individuals and companies.
  • Economic Term: Direct taxes
• 1.3.10 Taxes charged on goods that the government believes are harmful to human health.
  • Economic Term: Sin tax / Excise duty
• 1.3.11 Central government, provincial governments, local governments, and state-owned enterprises.
  • Economic Term: Public sector
• 1.3.12 A product that society values and everyone should have.
  • Economic Term: Merit goods
• 1.3.13 Costs incurred by individuals or companies for goods and services.
  • Economic Term: Costs of production