shortage. The New Dictionary of Cultural Literacy, Third Edition. 2002

Reference > The New Dictionary of Cultural Literacy > 18. Business and Economics

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The New Dictionary of Cultural Literacy, Third Edition. 2002.

shortage


A condition that exists when demand exceeds supply because of a lack of equilibrium in a market. If a price is artificially low, buyers want to buy more of a good than sellers are willing to sell. (Compare surplus.)	1

The New Dictionary of Cultural Literacy, Third Edition. Edited by E.D. Hirsch, Jr., Joseph F. Kett, and James Trefil. Copyright © 2002 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved.

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