The market

Front

What is equilibrium?

Back

When demand and supply are equal.

Front

Disequilibrium

Back

when demand and supply are not equal

Front

price elastic

Back

demand is more responsive to a change in price

Front

price inelastic

Back

demand is less responsive to a change in price

Front

Excess demand

Back

position where demand is greater than supply and there are shortages in the market

Front

Excess supply

Back

Position where supply is greater than demand and there are unsold goods in the market

Front

Demand

Back

the quantity of a product bought over a given period of time

Front

supply

Back

amount of products suppliers will offer to the market

Front

PED

Back

Help to calculate how responsive the change in quantity demanded will be to a change in price

Front

YED

Back

revel how responsive the change in quantity demanded will be to a change in income