ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Excess Demand: the quantity demanded is greater than the quantity supplied at the given price. This is also called a shortage.

Detailed explanation-2: -shortage. when the quantity demanded of a good, service, or resource is greater than the quantity supplied. surplus. when the quantity supplied of a good, service, or resource is greater than the quantity demanded.

Detailed explanation-3: -In a market, the surplus of any product or service will occur when its actual price in the market is above the equilibrium price level. In other words, a surplus occurs when the quantity supplied of a product/service is greater than the quantity demanded of a product/service in the market.

Detailed explanation-4: -Lesson Summary Scarcity and shortage are two fundamental concepts. Scarcity refers to the existence of limited resources that are not enough to address unlimited human needs or demands. On the other hand, shortage refers to an occurrence whereby the order in the market outdoes the supply available at a given time.