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Investopedia uses simple language to explain business terms. A person with no previous knowledge of supply and demand can easily understand their explanation. It provides examples of the causes of shortages. For example, natural disasters that can cause shortages.

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It explains supply and demand, but it shows in greater detail what shifts the supply curve as well as the effect on price when there is a shortage or a surplus.

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Demand and Supply Explained (2 of 2) - Econ 2.2

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How does shortage and surplus effects prices?

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How does shortage and surplus effects prices?

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When we have a surplus the price is set too high, resulting in a diminished demand while the quantity available gains excess. The price is above the equilibrium point. They will have to lower the price towards the equilibrium point.

When we have a shortage the price is set too low, resulting the supply is produced below that of the quantity being demanded by the consumers. The price is below the equilibrium point. They will have to raise the price towards the equilibrium point.

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Title Page Image: http://www.economics.adelaide.edu.au/images/research-microeconomics.jpg

Affect Price Image: http://www.mytotalretail.com/wp-content/uploads/sites/14/2015/07/price-image.png

Image #1: http://i.investopedia.com/inv/tutorials/site/economics/economics5.gif

Image #2: http://ingrimayne.com/econ/DemandSupply/Figure4.10.gif

Image #3: http://ingrimayne.com/econ/DemandSupply/Figure4.11.gif

Video #1: https://www.youtube.com/watch?v=qt0Hw5EYlqw&feature=youtu.be

Video #2: https://www.youtube.com/watch?v=A59mPHj1rZI&feature=youtu.be

Video #3: https://www.youtube.com/watch?v=ewPNugIqCUM&t=223s

Website #1: https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium

Website #2: https://www.boundless.com/economics/textbooks/boundless-economics-textbook/introducing-supply-and-demand-3/market-equilibrium-48/impacts-of-surpluses-and-shortages-on-market-equilibrium-180-12278/

Website #3: http://www.investopedia.com/terms/s/shortage.asp

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If a business sets their product or service price too low it will create a shortage. Meaning the business won’t have the supply needed to satisfy the demand.

If the business sets the price too high, it will create a surplus. Customers aren’t willing to pay that price for your product or service.

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Surplus and Shortages in Markets. Basic Economics

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Andrew Whyte explains what causes a surplus or a shortage of goods or services in any given market and what it takes for a market correction to occur.

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Demand are the buyer who has the ability to buy the products. Supply is the sellers are making the products.
When demand increases, price increases. When the supply increases, prices decreases.

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Boundless explains the difference between shortages and surpluses.  Defines disequilibrium, which is a lack of balance between current supply and demand levels.

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Khan academy is a quick course on topics of related to supply and demand. It explains the law of supply and demand. It also has tutorials on how to graph a supply and demand curve.

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This image shows a surplus on a supply and demand graph. A surplus indicates that the quantity of a good or service exceeds the demand.

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This image shows the shortage on a supply and demand graph. A shortage is when demand for a good or service surpasses the supply.

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This image shows the equilibrium point. It's when the supply curve and demand curve intercept each other and, as a result,  that will indicate the price and quantity of the product of the good or service.

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Introduction
This PowerPoint will explain the following topics:

- Equilibrium point

- Shortages

- Surpluses
By the end of this presentation, you will have a basic understanding of the laws of supply and demand.

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Equilibrium: Shortage and Surplus Effects on Price

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Equilibrium: Shortage and Surplus Effects on Price

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By: Nicolas Persaud