Title: Explain how the interaction of supply and demand determines equilibrium price and wages.
Course: Economics and Personal Finance (19262-I) > Section: Exploring the Price System

Explanation should include

- defining equilibrium point, equilibrium price, and equilibrium quantity
- describing how interactions between buyers and sellers determine market prices and allocate scarce goods and services
- describing how prices send signals and provide incentive to buyers and sellers
- describing how changes in supply or demand affect the equilibrium price and wages.