Market equilibrium - occurs where supply = demand, in other words the resources employed by firms to produce a good or service is exactly equal to the number of units that consumers are willing and able to purchase., Allocative efficiency - exists when price is equal marginal cost and the resources are allocated in such a way that the resources employed to produce a good or service are equal to the consumers willingness and ability to purchase it, Market disequilibrium - when the market is not allocatively efficient because the market has either too few or too many of the goods and services being produced, Supply - the quantity of goods and services producers are willing and able to produce at a given time, at a given price, ceteris paribus., consumption - Spending by households on consumer goods and services., government spending - Spending by governments on goods and services., Investment - Spending by firms in order to add to or replace to their capital stock, Exports Receipts (X) - Domestic goods and services brought by foreigners, Import Payments (M) - Are foreign goods and services brought by domestic households and firms,

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