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Learning objective

Learn about market disequilibrium, including how to define, illustrate, and interpret demand and supply schedules and curves to recognize prices that indicate disequilibrium, as well as situations of shortages (where demand exceeds supply) and surpluses (where supply exceeds demand).

Read the explanation, check the common trap, then practise with flashcards and questions.

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  • Read the explanation.
  • Check key terms.
  • Practise with linked questions.
Cambridge IGCSE EconomicsThe allocation of resources

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Quick explanation

Learn about market disequilibrium, including how to define, illustrate, and interpret demand and supply schedules and curves to recognize prices that indicate disequilibrium, as well as situations of shortages (where demand exceeds supply) and surpluses (where supply exceeds demand)

  • This point belongs to Price determination, especially Price determination outcomes.
  • You need to be able to learn about market disequilibrium, including how to define, illustrate, and interpret demand and supply schedules and curves to recognize prices that indicate disequilibrium, as well as situations of shortages (where demand exceeds supply) and surpluses (where supply exceeds demand).
  • The key ideas to know are Define, Describe, and Explain.
  • Use the linked flashcards and practice questions to check recall, then practise applying the idea in an exam-style answer.

Key concepts

DefineDescribeExplainIdentify

Why it matters

This objective helps connect Price determination outcomes to exam-style questions, flashcards, and revision notes for Price determination.

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Practice Questions7 linked questions

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Paper 2 structured question: Price determination

Paper 2Structured Questions1 marks

Description

Grocery Store Demand and Supply

The local grocery store has noticed that during weekends, the demand for fresh produce exceeds the available supply, leading to empty shelves and customer complaints.

  1. a

    State the situation that occurs when demand exceeds supply.

    Aim for approximately 1 distinct marking point.

    [1]
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Cambridge IGCSEEconomics resources