Shortage occurs when there is not enough for sale at the current price, like empty store shelves, while surplus happens when there is too much for sale at the current price, such as an excess of bananas. Balancing prices is crucial to avoid shortages or surpluses in goods and services.

Learn about shortage and surplus in shopping, distinguishing between them. Shortage occurs when there are not enough items for sale at the current price, leading to empty shelves.

In economics, a surplus occurs when there is an excess of goods for sale at the current price, like an abundance of ripe bananas. On the other hand, a shortage happens when there is an insufficient amount of goods available for sale, leading to empty shelves.

Exploring shortage and surplus scenarios by analyzing situations with varying quantities of goods and interested buyers, determining if there is a shortage or surplus based on supply and demand dynamics.