Markets | A-Level Economics Notes

These revision notes cover everything you need to know about Markets for A-Level Economics. They're designed for students studying AQA A-Level Economics, Edexcel A-Level Economics, and Edexcel International A-Level Economics. Written by Jaisul Naik, UCL Economics graduate and A-Level Economics tutor since 2017.

What is a market?

A market is a place where buyers and sellers meet to exchange goods and services

What is equilibrium?

Equilibrium is the price and quantity where demand meets supply.

What is disequilibrium?

Disquilibrium occurs at a price where demand does not meet supply.

What is excess demand?

Excess demand occurs at a price where demand is greater than supply. This would cause the price to rise.

What is excess supply?

Excess supply occurs at a price where supply is greater than demand. This would cause the price to fall.