Difference between revisions of "Equilibrium"
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'''Equilibrium''' is a state of balance or rest, lacking in any tendency to change. In economics, the equilibrium price is the price at which demand equals supply, and there is neither a surplus or shortage of goods. | '''Equilibrium''' is a state of balance or rest, lacking in any tendency to change. In economics, the equilibrium price is the price at which demand equals supply, and there is neither a surplus or shortage of goods. | ||
| − | A system in equilibrium does not necessarily have to be static. A [[chemical reaction]], for example, is considered to be in | + | A system in equilibrium does not necessarily have to be static. A [[chemical reaction]], for example, is considered to be in equilibrium when the forward and backward rates are equal. This means that, while reactants are converting to products and vice versa, the system is still at equilibrium because the overall concentration of each component is constant over time. |
[[Category:Economics]] | [[Category:Economics]] | ||
Revision as of 00:18, October 23, 2007
Equilibrium is a state of balance or rest, lacking in any tendency to change. In economics, the equilibrium price is the price at which demand equals supply, and there is neither a surplus or shortage of goods.
A system in equilibrium does not necessarily have to be static. A chemical reaction, for example, is considered to be in equilibrium when the forward and backward rates are equal. This means that, while reactants are converting to products and vice versa, the system is still at equilibrium because the overall concentration of each component is constant over time.