Price Floor- Price floor prevents the price from dropping beyond a certain amount.

It is a condition
where the price paid is more or less than the equilibrium price calculated by the market forces of
demand and supply.

Demand- Demand is an economic concept which refers to the desire of the customer to purchase goods
and services and the willingness to pay a price for a particular product or service. Rule of thumb, the
greater the demand, increases the price of the supply.

Economics- Economics is concerned with the production, distribution and consumption of goods and
services. It studies the manner allocation of resources that every individual, the government, firms, and
the nation itself.

Ceteris Paribus- Ceteris paribus in economics, it serves as a note taker of the influence of one economic
variable on another, given that all other variables remain the same.