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Concept Maps

Equilibrium Price — Concept Maps

ICSE · Class 12 · Economics

4 concept maps of Equilibrium Price for ICSE Class 12 Economics, each also written out as a text outline. Part of the ICSE Class 12 Economics syllabus.

45 questions38 flashcards5 concepts

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A graph showing the intersection of market demand and supply curves, illustrating the equilibrium price and quantity, and areas of excess demand and excess supply.
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4 Concept Maps

Equilibrium Price - Complete Concept Overview

Equilibrium Price - Complete Concept Overview

The map in words

  • Equilibrium Price
    • Fundamentals
      • Meaning and Definition
      • Qd equals Qs
      • No excess demand or supply
      • Market clearing state
    • Excess Demand and Supply
      • Excess Demand when Qd > Qs
        • Price below equilibrium
        • Price pressure upward
        • Shortage situation
      • Excess Supply when Qs > Qd
        • Price above equilibrium
        • Price pressure downward
        • Surplus situation
    • Demand Changes
      • Increase in Demand
        • Price rises
        • Quantity rises
        • Demand curve shifts right
      • Decrease in Demand
        • Price falls
        • Quantity falls
        • Demand curve shifts left
    • Supply Changes
      • Increase in Supply
        • Price falls
        • Quantity rises
        • Supply curve shifts right
      • Decrease in Supply
        • Price rises
        • Quantity falls
        • Supply curve shifts left
    • Simultaneous Shifts
      • Equal changes
        • Price constant
        • Quantity increases
      • Supply greater
        • Price falls more
        • Quantity rises more
      • Demand greater
        • Price rises more
        • Quantity rises less
    • Special Cases
      • Perfectly Elastic Supply
        • Quantity changes only
      • Perfectly Inelastic Supply
        • Price changes only
      • Perfectly Elastic Demand
        • Quantity changes only
      • Perfectly Inelastic Demand
        • Price changes only
    • Time Periods
      • Very Short Period
        • Supply fixed
        • Demand determines price
        • Market price
      • Short Period
        • Limited supply adjustment
        • Both forces matter
      • Long Period
        • Full supply adjustment
        • Normal price
    • Price Controls
      • Maximum Price Ceiling
        • Below equilibrium
        • Creates shortage
        • Black market risk
      • Price Floor Support
        • Above equilibrium
        • Creates surplus
        • Government procurement needed

Chapter 9: Equilibrium Price – Complete Mind Map

Chapter 9: Equilibrium Price – Complete Mind Map

The map in words

  • Equilibrium Price
    • Meaning
      • Qd equals Qs
      • Market Clearing Price
      • No Excess Demand
      • No Excess Supply
    • Determination
      • Perfect Competition
      • DD slopes downward
      • SS slopes upward
      • Intersection point E
      • Excess Demand raises price
      • Excess Supply lowers price
    • Shifts in Equilibrium
      • Demand Change
        • Demand increases
          • Price rises
          • Quantity rises
        • Demand decreases
          • Price falls
          • Quantity falls
      • Supply Change
        • Supply increases
          • Price falls
          • Quantity rises
        • Supply decreases
          • Price rises
          • Quantity falls
      • Both Change
        • Equal change
          • Price unchanged
          • Quantity changes
        • Supply more than demand
          • Price falls
        • Demand more than supply
          • Price rises
    • Special Cases
      • Perfectly Elastic Supply
        • Demand changes
        • Only Quantity changes
      • Perfectly Inelastic Supply
        • Demand changes
        • Only Price changes
      • Perfectly Elastic Demand
        • Supply changes
        • Only Quantity changes
      • Perfectly Inelastic Demand
        • Supply changes
        • Only Price changes
    • Time Element
      • Very Short Period
        • Supply fixed
        • Demand determines price
        • Market Price
      • Short Period
        • Limited supply change
        • Demand more important
        • Short Period Price
      • Long Period
        • Full supply adjustment
        • Supply more important
        • Normal Price
    • Price Control
      • Price Ceiling
        • Below equilibrium
        • Excess Demand
        • Black Market
        • Rationing
      • Price Floor
        • Above equilibrium
        • Excess Supply
        • Government Procurement
        • MSP in India

Equilibrium Price Determination Process

Equilibrium Price Determination Process

The map in words

  • Start: Price Below Equilibrium
    • Quantity Demanded > Quantity Supplied
      • Excess Demand in Market
        • Buyers Compete
          • Price Increases
            • Price = Equilibrium?
              • No: Continue Upward
              • Yes: Market Equilibrium Reached
                • Qd = Qs at Equilibrium Price
                  • No Shortage, No Surplus
  • Start: Price Above Equilibrium
    • Quantity Supplied > Quantity Demanded
      • Excess Supply in Market
        • Sellers Compete
          • Price Decreases
            • Price = Equilibrium?
              • No: Continue Downward

Market equilibrium and equilibrium price

Market equilibrium and equilibrium price

The map in words

  • Market equilibrium and equilibrium price
    • Introduction to equilibrium price
    • Meaning of equilibrium price
    • Determination under perfect competition
    • Assumptions of market equilibrium
    • Excess demand and excess supply
    • Shifts in demand
    • Shifts in supply
    • Simultaneous shifts in demand and supply

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Frequently Asked Questions

What are the important topics in Equilibrium Price for ICSE Class 12 Economics?
Key topics in Equilibrium Price include Meaning and Nature of Equilibrium Price, Determination of Equilibrium Price under Perfect Competition, Assumptions of Market Equilibrium, Excess Demand and Excess Supply: Comparison. Study these first, then practise questions on each for the ICSE Class 12 board exam.
What do the concept maps for Equilibrium Price show?
The 4 maps show how the ideas in Equilibrium Price connect: Equilibrium Price - Complete Concept Overview; Chapter 9: Equilibrium Price – Complete Mind Map. Each map is also written out as an outline on this page.
How should I revise Equilibrium Price for the ICSE Class 12 board exam?
Learn the core ideas first, then work through the 45 practice questions on Equilibrium Price. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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All ICSE Class 12 Economics Concept Maps

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