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Java Games: Flashcards, matching, concentration, and word search. |
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| Market | An interaction of buyers and sellers where goods, services, or resources are exchanged |
| Shortage | when the quantity demanded of a good, service, or resource is greater than the quantity supplied |
| Surplus | When the quantity supplied of a good, service, or resource is greater than the quantity demanded |
| Equilibrium | In a market setting, an equilibrium occurs when price has adjusted until quantity supplied is equal to quantity demanded |
| Disequilibrium | In a market setting, disequilibrium occurs when quantity supplied is not equal to the quantity demanded; when a market is experiencing a disequilibrium, there will be either a shortage or a surplus. |
| Equilibrium price | The price in a market at which the quantity demanded and the quantity supplied of a good are equal to one another; this is also called the “market clearing price.” |
| Aggregate supply | The total supply of goods and services in an economy. |
| Equilibrium quantity | The quantity that will be sold and purchased at the equilibrium price |
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Business Marketing Teacher, Career Technical Education |
CENTRAL CABARRUS HIGH SCHOOL |
| Concord, NC |
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