General equilibrium

General equilibrium

Economic perfection. This is when demand and supply are in balance (the market is in equilibrium) for each and every good and service in the economy. Nobody thinks that real-world economies can ever be that perfect; at best there is "partial equilibrium". But most economists think that general equilibrium is something worth aspiring to.

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Part of Speech: noun
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Industry/Domain: Economy
Category: Economics
Company: The Economist
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