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SOCIAL SCIENCE: The scientific study of society--of human behavior and of social interactions. Several social sciences are economics, sociology, political science, and anthropology. Economics is considered a social science because it seeks to explain how society deals with the scarcity problem.

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Lesson 7: Market | Unit 4: Adjustment Page: 16 of 22

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  • How competitive markets tend to be self-correcting because nonequilibrium prices create shortages and surpluses that move the price back to the equilibrium level.
  • How shortages, with quantity demanded greater then quantity supplied, are created for prices below the equilibrium level.
  • 3. Why a shortage causes price to increase back to the equilibrium level.
  • How surpluses, with quantity demanded less then quantity supplied, are created for prices above the equilibrium level.
  • Why a surplus causes price to decrease back to the equilibrium level.


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PRICE

An asset or item voluntarily exchanged in a market transaction for another asset or item. This item or asset is usually, but not necessarily, money. A barter transaction occurs if money is NOT one of the assets or items exchanged. In a standard market diagram, price is displayed on the vertical axis.

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Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for the last item on a shelf.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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