Equilibrium - point at which demand and supply are equal, Disequilibrium - any price or quantity not at equalibrium, Shortage - situation when consumers want more or a good or service than producers are willing to make, Surplus - when quantity supplied is more than quantity demanded, Price ceiling - maximum price than can legally be charged for a good or service, Price floor - minimum price that can be charged for a good or service, Supply shock - a sudden shortage of a good, Rationing - a system of allocating scarce goods and services using criteria other than price, Black Market - a market where goods are sold illegally, Demand - the desire to own something and the ability to pay for it, Supply - the amount of a good or service available,

Equilibrium

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