6.2 Flashcards
1
Q
macroeconomic model using algebraic equations to describe how the economy behaves and is expected to perform in the future
A
economic model
2
Q
condition of price stability where the quantity demanded equals the quantity supplied
A
market equilibrium
3
Q
situation where quantity supplied is greater than quantity demanded at a given price
A
surplus
4
Q
situation where quantity supplied is less than quantity demanded at a given price
A
shortage
5
Q
price where quantity supplied equals quantity demanded; price that clears the market
A
equilibrium price
