TSR Wiki > Study Help > Subjects and Revision > Revision Notes > Economics > Supply and Demand Equilibrium
Equilibrium is the situation when demand and supply come together and fix the price in the market. The market is cleared because consumers demand what producers have to sell.
The equilibrium will change when the demand and supply curves move.
A contraction occurs when the demand/supply decreases. An extension occurs when the demand/supply increases.
Also See
Take a look at the other unit 1 A level economics revision notes:
- The Economic Problem (AQA, Edex, OCR, WJEC)
- Factors of production (AQA, OCR)
- Positive and normative economics (AQA)
- Specialisation and Trade (AQA, Edex, OCR, WJEC)
- Producer and consumer surplus (AQA, Edex, OCR, WJEC)
- Demand theory (AQA, Edex, OCR, WJEC)
- Supply theory (AQA, Edex, OCR, WJEC)
- Supply and Demand Equilibrium (AQA, Edex, OCR, WJEC)
- Elasticity of demand (AQA, Edex, OCR, WJEC)
- Elasticity of supply (AQA, Edex, OCR, WJEC)
- The Price Mechanism (AQA, Edex)
- Indirect Taxes and Subsidies (Edex)
- The labour market (Edex)
- Economies of scale (AQA)
- Allocative efficiency (OCR)
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