Economic Equilibrium Essay Example for Free

Economic Equilibrium EssayIn economic labyrinthine sense, quantity demanded and quantity supplied ar equal. For example, the amount of goods or serivices set by buyers is equal to the amount of goods or services produced by sellers. This is what we skirt as equilibrium price and this will definitely not change unless demand or emerge changes. Based on the lecture, due to scarcity we some clock times consider trade-offs.For example as what was stated in the lecture, supposedly that you catch only six hours left to study for your test in economics and to fatten out your assignment in graphic design, you have to balance your time or spend more time in either economics or graphic design. You also have to consider the resources that you can maximize in accomplishing both things. Having a fixed quantity and quality of available resources means that you have a fixed supply of materials such as textbooks, notes, design software, etc., to use in the time you have left. Scarcity tri ggers the society to make choices and thats why there are trade-offs. I agree that economic equilibrium is the state wherein you dont get any benefits at all in making trade-offs because there is no intention to change or you alreay chose the best possible alternative which means that you have maximized already your limited resources. extension Economics Basics Demand and Supply. ( 2010 ). Retrieved July 15, 2010 from