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Economics- Theme 1 > 1.2.6 > Flashcards

1.2.6 Flashcards

1
Q

Equilibrium

A

When supply meets demand
Price has no tendency to change

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2
Q

Excess demand

A

When demand is more than supply

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3
Q

Excess supply

A

When supply is more than demand

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4
Q

New market equilibrium

A

When demand or supply curves shift due to PIRATES or PINTSWC, new market equilibriums are established

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Economics- Theme 1 (32 decks)

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