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Shortage
A situation where demand exceeds supply, often leading to rising prices and unmet consumer needs.
Surplus
An excess of income or assets over expenditure or liabilities in a given period, often referring to profit or the amount of goods produced over what is needed.
Price Ceiling
A restriction enforced by the government on the highest price allowable for a product or service.
Price Floor
A legally established minimum price below which a good or service cannot be sold, often set to protect producers or farmers from too low prices.
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