equilibrium

Definitions

General Science

Accounting

Economics

  • noun a situation in which there is no tendency for people to change what they are doing

Health Economics

  • (written as Equilibrium)

    In economics, equilibrium is the term used usually to describe the (not necessarily unique) solution to a set of simultaneous structural equa- tions that represent the key relationships in a model of the economy, or part of it such as a specific market. Thus, the equilibrium price and quantity in a simple three-equation model of a market are those at which demand equals supply, there being an equation for demand, another for supply and a third, being the equilibrium condition:

    D = a - bP

    S = c + dP

    D = S

    The equilibrium price is thus (a - c)/( d + b). The price at which transactions take place in equilibrium is the same for demanders and suppliers and that the quantity supplied is equal to that demanded. Unless something changes (that is, the ceteris paribus qualifier is violated), these equilibrium values will, granted some side-conditions, be stable, so the system as a whole is in a kind of balance that no market participant has any particular reason to want to change.

Media Studies

  • noun a state or situation in which opposing forces or factors balance each other out and stability is attained
  • noun within a narrative, the absence of tensions in need of resolution.
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