Equilibrium: the condition of a system in which competing influences are balanced. this on the graph is where the supply and demand curves intersect. its the point where they intersect where they are balanced.
Equilibrium price: The market price at which the supply of an item equals the quantity demanded. This on the graph Is the equilibrium, where the price of the supply is equal to the quantity.
Equilibrium Quantity: The quantity demanded and supplied at the equilibrium price, where demand equals supply.
Surplus: Surplus means when there is more supply than demand, as in extra resources. this on the graph is where the supply on the left of the line and below the equilibrium is more than demand.
Shortage: a disparity between the amount demanded for a product or service and the amount supplied in a market. Specifically, a shortage occurs when there is excess demand; therefore, it is the opposite of a surplus.