What is shortage or surplus?

Question

What is shortage or surplus?

Answer 1

shortage is too little product with too much money, surplus is too much productr chased by too little money.

Answer 2

In supply and demand analysis in a perfectly competitive industry, you have a market demand curve that is downward slopping and a market supply curve that is upward slopping.  The points on the demand curve are the quantity demanded and the points on the supply curve are the quantity supplies.   If quantity demanded is greater than the quantity supplies, there's a shortage.  If quantity supplied is greater than the quantity demanded, there's a surplus.  

The demand curve is downward slopping.  The supply curve is upward slopping.  Graph them any the upper V will be the surplus area.  And the downward upside down V will be the shortage area.  Together, the supply and demand curves in perfect competition form an X.

Answer 3

Shortage means not enough and surplus means extra.