| Price Ceiling (Maximum Price) | no attested term | 最高限价 (zuìgāo xiànjià) | 최고가격제 (choego gagyeokje) | A legal maximum price set below the market equilibrium price, often creating a shortage. |
| Price Floor (Minimum Price) | no attested term | 最低限价 (zuìdī xiànjià) | 최저가격제 (choejeo gagyeokje) | A legal minimum price set above the market equilibrium price, often creating a surplus. |
| Price Elasticity of Demand (PED) | no attested term | 需求价格弹性 (xūqiú jiàgé tánxìng) | 수요의 가격탄력성 (suyoui gagyeok tallyeokseong) | A measure of how responsive quantity demanded is to a change in price. |
| Price Elasticity of Supply (PES) | no attested term | 供给价格弹性 (gōngjǐ jiàgé tánxìng) | 공급의 가격탄력성 (gonggeubui gagyeok tallyeokseong) | A measure of how responsive quantity supplied is to a change in price. |
| Excess Demand (Shortage) | popono tuhene | 需求过剩 (xūqiú guòshèng) | 초과수요 (chogwa suyo) | The amount by which quantity demanded exceeds quantity supplied at a given price, typically below equilibrium. |
| Excess Supply (Surplus) | whakaratonga tuhene | 供给过剩 (gōngjǐ guòshèng) | 초과공급 (chogwa gonggeub) | The amount by which quantity supplied exceeds quantity demanded at a given price, typically above equilibrium. |
| Indirect Tax | no attested term | 间接税 (jiànjiē shuì) | 간접세 (ganjeobse) | A tax on spending, such as on a good or service, that is collected from the seller but can be passed on to the buyer. |
| Specific Tax | no attested term | 从量税 (cóngliàng shuì) | 종량세 (jongnyangse) | An indirect tax of a fixed amount on each unit sold, such as $2 a litre. It shifts the supply curve up by the same amount at every quantity, so S2 is parallel to S1. |
| Ad Valorem Tax | no attested term | 从价税 (cóngjià shuì) | 종가세 (jonggase) | An indirect tax charged as a percentage of the price, such as GST. It pivots the supply curve upwards, so the tax per unit grows as the price rises. |
| Subsidy | pūtea āwhina | 补贴 (bǔtiē) | 보조금 (bojogeum) | A payment by government to a producer, used to lower costs and increase output of a good. |
| Incidence of Tax | no attested term | 税收归宿 (shuìshōu guīsù) | 조세귀착 (jose gwichak) | How the burden of a tax is shared between consumers and producers, depending on the relative elasticity of demand and supply. |
| Consumer Surplus | no attested term | 消费者剩余 (xiāofèizhě shèngyú) | 소비자잉여 (sobija ingyeo) | The difference between what consumers are willing to pay for a good and what they actually pay. |
| Producer Surplus | no attested term | 生产者剩余 (shēngchǎnzhě shèngyú) | 생산자잉여 (saengsanja ingyeo) | The difference between the price producers receive for a good and the minimum price they would be willing to accept. |
| Deadweight Welfare Loss | no attested term | 福利无谓损失 (fúlì wúwèi sǔnshī) | 사회후생 손실 (sahoe husaeng sonsil) | The consumer and producer surplus lost, and not gained by anyone else, when a tax, subsidy or price control moves the quantity traded away from the free-market equilibrium. |
| Black Market | no attested term | 黑市 (hēishì) | 암시장 (amsijang) | An illegal market that arises when a price ceiling creates a shortage, where goods are sold above the legal maximum price. |
