Economics A-Level
Equilibrium
What Equilibrium means in Economics A-Level, as defined for AQA.
Definition of Equilibrium
Check what you remember
Read the wording for your board, then hide it and explain Equilibrium in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
A state where quantity demanded equals quantity supplied, resulting in a market-clearing price with no market forces prompting a change in price or output.
Topics that use Equilibrium
- The determination of equilibrium market prices (AQA A-Level)
Related terms
- Ceteris paribus
- Disequilibrium
- Economic shocks
- Excess demand
- Excess supply
- Incentive function
- Market clearing
- Market equilibrium
Using Equilibrium in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
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