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EQUILIBRIUM QUANTITY: The quantity exchanged between buyers and sellers when a market is in equilibrium. The equilibrium quantity is simultaneously equal to both the quantity demanded and quantity supplied, which means that there is no shortage nor surplus in the market. This is, in fact, the prime criterion for market equilibrium. If buyers are able to buy all of the good they're willing and able to buy (no shortage) and sellers are able to sell all of the good they're willing and able to sell (no surplus), then neither side of the market is inclined to change the existing terms of trade. And that's equilibrium.

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Lesson 8: Market Shocks | Unit 5: Cause and Effect Page: 19 of 20

Topic: Link Sequence <=PAGE BACK | PAGE NEXT=>

The sequence of the cause and effect links is an essential element in economic analysis.

Six steps for market adjustment:

  • First, a determinant change always starts the process.
  • Second, the determinant change causes a shift in either the demand or the supply curve.
  • Third, the shift in the curve causes market disequilibrium, either a shortage or surplus.
  • Fourth, the disequilibrium causes the price to change.
  • Fifth, the price change causes a change in quantity demanded and quantity supplied.
  • Sixth, changes in quantity demand and supplied cause the market equilibrium to be restored.

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ALTERNATIVE UNEMPLOYMENT RATES

The official unemployment rate estimated and reported monthly by the Bureau of Labor Statistics (BLS) using data from Current Population Survey is one of six alternative measures of unemployment tracked and reported by the BLS, officially labeled sequentially U1 through U6. The "official" unemployment rate is U3. The other five measures seek to document different ways in which labor can be under utilized, including unemployment duration, job losers, discouraged workers, marginal workers, and part-time workers.

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Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for rusty deck screws.
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