6.1+Outline+and+Questions+1-3

6.1 Outline
=The point where supply and demand come together is called equilibrium. Equilibrium is the point of balance between price and quantity.= =Look for where the quantity supplied meets the demans supplied.= =Can be illustrated with supply and demand graph.= =Disequilibrium is when quantity supplied is not equal to quantity in demand.= =excess demand occurs when quantity demand is more than supplied.= =Excess supply occurs when quantity supplied exceeds quantity demanded.= =The government can impose a maximum price for a good which is called a price ceiling.= =A price floor is a minimum price for a good or service.= =Rent control is when cities put celings on the price of rent.= =One price floor is minimum wage which sets a low that an employer can pay an employee.=