Unit 6 - Markets KW Flashcards
1
Q
Equilibrium price or market clearing price
A
The price where supply and demand are equal
2
Q
Excess demand
A
The position where demand is greater than supply at a given price and there are shortages in the market
3
Q
Excess supply
A
The position where supply is greater than demand at a given price and there are unsold goods in the market
4
Q
Total revenue or total expenditure
A
The amount of revenue generated from the sale of goods calculated by multiplying price by quantity in a given period of time
