This document summarizes the concepts of supply and demand economics, including: 1) Equilibrium is reached at the price where quantity supplied equals quantity demanded. This is shown as the point where the supply and demand curves intersect on a graph. 2) Disequilibrium occurs when quantity supplied does not equal quantity demanded, resulting in either excess demand or excess supply. 3) Excess demand happens when demand is greater than supply, which can be resolved by suppliers raising prices to encourage less demand. Excess supply is when supply exceeds demand, which may lead to lower prices to boost demand.

1. Combining Supply and Demand Economics 1