Social Sciences and History / Unit 13 SSH 1212 short lesson, about 20 seconds
Equilibrium, Shortage, Surplus
Captions available
The idea
Equilibrium is where the supply and demand curves cross: quantity demanded equals quantity supplied. Below the equilibrium price, quantity demanded exceeds quantity supplied: excess demand, a shortage. Above it, quantity supplied exceeds quantity demanded: excess supply, a surplus. Either pushes price back.
In practice
Empty shelves below; unsold stock above.
Where people slip
Surplus here means unsold goods, not consumer surplus.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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