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That might be the way that economists describe shortages, but it is not the way that normal people describe shortages. Personally, my definition of a shortage
by stale2002 9y ago
That might be the way that economists describe shortages, but it is not the way that normal people describe shortages.
Personally, my definition of a shortage is "There is not enough of X, and it would be a very good thing to increase X".
Using my bread example, if bread cost 100$ a loaf, and people were literally starving to death because they couldn't buy bread or other food, then there IS a shortage of food.
It does not matter if "supply is equaling demand", because it is a very bad thing for food to cost 100$ a meal.