economics: section 4.5

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4 Terms

1
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  1. equal

  2. willing to sell and willing to buy

fill in the blank

the producer’s goals are…

  1. To find the price point where supply and demand are ________ 

  2. The producer is _______ ___ ____ it at that price, the consumer is _______ ___ _____ it at that price

2
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equilibrium

the point at which the quantity demanded and quantity supplied are equal

3
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shortage

the quantity demanded exceeds the quantity supplied

4
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surplus

the quantity supplied exceeds the quantity demanded