Examlex
How do you ensure effective time management?
Shortage/Surplus
A situation in the market where the amount of a product that consumers want to buy is greater than the amount available (resulting in a shortage), or the available amount is more than what consumers want to purchase (leading to a surplus).
Demand Equation
A formula that calculates the amount of a product consumers are willing to buy based on its price, income levels, and taste and preferences among other factors.
Supply Equation
A mathematical representation showing the relationship between the quantity of goods suppliers are willing to produce and various influencing factors like price and production costs.
Per-Unit Tax
A tax imposed on a product based on a fixed amount for each unit sold, affecting the supply curve by increasing the cost of production.
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