Why Is It Important to Review Your Assets and Liabilities

question 177

Essay

Why is it important to review your assets and liabilities before your retirement?

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded meets the quantity supplied, resulting in no surplus or shortage.

Surplus

An excess amount of a commodity or resource beyond what is needed or utilized.

Quantity Supplied

In economic terms, this is the amount of a good or service that producers are willing and able to sell at a given price over a specific time period.

Surplus

The amount of an asset or resource that exceeds the portion used. In economics, it refers to a situation where supply exceeds demand.