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FEDERAL ADVISORY COUNCIL: A group consisting of Presidents from 12 commercial banks, one from each of the 12 Federal Reserve Districts. This council has no policy making role, but merely offers advice, suggestions, and feedback on how Federal Reserve policies are affecting commercial banks and their customers in non-bank public.

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Lesson 7: Market | Unit 1: The Exchange Page: 2 of 22

Topic: Equilibrium <=PAGE BACK | PAGE NEXT=>

Equilibrium is the balance of opposing forces that remains unchanged until another force intervenes.

For example:

If two people are pushing in opposite ways on a swinging door with equal strength, then neither will be able to go through. Each pusher represents an opposing force.

For a market, the opposing forces are:

  • Demand. Buyers want to pay a lower price.
  • Supply. Sellers want to receive a higher price.
Market equilibrium is indicated by equilibrium quantity and equilibrium price.
  • Equilibrium quantity is the quantity of a good traded among buyers and sellers when a market is in equilibrium.
  • Equilibrium price is the price agreed to by buyers and sellers when a market is in equilibrium.
  • Buyers and sellers will continue to trade the equilibrium quantity at the equilibrium price indefinitely.
  • But, the equilibrium quantity and price can be disrupted by ceteris paribus determinants of demand and supply. Analyzing these disruptions help us understand economic events.

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OTHER PRICES, SUPPLY DETERMINANT

The prices of other goods that influence the decision to sell a particular good, which are assumed constant when a supply curve is constructed. Other prices can be for goods that are either substitutes-in-production or complements-in-production. This is one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, sellers' expectations, and number of sellers.

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Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for pencil sharpeners with an attitude.
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The average bank teller loses about $250 every year.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

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