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EQUILIBRIUM. IN YOUR NOTEBOOK If you have higher supply than demand, what is it called? If you have higher demand than supply, what is it called?

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Presentation on theme: "EQUILIBRIUM. IN YOUR NOTEBOOK If you have higher supply than demand, what is it called? If you have higher demand than supply, what is it called?"— Presentation transcript:

1 EQUILIBRIUM

2 IN YOUR NOTEBOOK If you have higher supply than demand, what is it called? If you have higher demand than supply, what is it called?

3 WHAT IS A SURPLUS? Surplus or excess supply is when the supply for a product or service exceeds its demand in a market It is the opposite of a shortage

4 WHAT IS A SHORTAGE? Shortage or excess demand is when the demand for a product or service exceeds its supply in a market

5 WHAT IS EQUILIBRIUM? Market equilibrium is a market state where the supply in the market is equal to the demand in the market

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