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Equilibrium

QuestionAnswer
Command and control market A market that is completely control by the government
Laissez Faire market A market that has no control from the government and is completely market driven
Hybrid market A market that has some governmental regulations but is still driven by the market
Market Any setting that brings together potential buyers and sellers. Does not have to include money
Market equilibrium When the supply and demand curves intersect/where the quantity supplied and quantity demanded are the same
Quantity supplied The amount companies want to sell in a market at a certain price
Quantity demanded The amount people want to buy at a certain price in a market
Quantity supplied > quantity demanded Excess supply
Lowered prices Combats excess supply, quantity supplied goes down and quantity demanded goes up
Quantity demanded > quantity supplied Excess demand
Raised prices Combats excess demand, quantity supplied goes up and quantity demanded goes down
Prices are not raised People get things through first-come first-served or lines, lotteries, need-based assignments, connections, force
Water-diamond paradox Water is necessary but cheap, while diamonds are expensive but unnecessary. Happens because of marginal benefit
Demand increase Excess demand, expected price and quantity increase
Demand decrease Excess supply, expected price and quantity decrease
Supply increase Excess supply, expected price decreased, expected quantity increases
Supply decrease Excess demand, expected price increases, expected quantity decreases
Shift in demand curve Expected price and quantity move in the same direction
Shift in supply curve Expected price and quantity move in opposite directions
Shift in two different directions Shift unkown
Created by: user-2052955
 

 



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