Match the economic terms to their descriptions.

You're on a roll — 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 What's next? 📸