AGR 110 Chapter Notes - Chapter 9: Statics, Economic Equilibrium

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7 Feb 2017
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Chapter 9 Vocabulary
(9.1-9.4)
Marketplace a physical location where buyers and sellers meet to trade
goods
Market the interaction between buyers and sellers
Equilibrium a point from which there is no tendency to change
Market Equilibrium the point where the quantity supplied by
producers at a given price is equal to the quantity demanded by
consumers at that same price
Equilibrium Price the price at which the quantity supplied equals the
quantity demanded
Market Price the price where quantity demanded is equal to quantity
supplied
Equilibrium Quantity the point where quantity supplied is equal to
quantity demanded
Disequilibrium a market situation in which the market price does not
equalize supply and demand
Surplus a market situation in which producers are willing to supply
more of a good than consumers are willing to purchase at a given price
(Qs > Qd)
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