Surplus

Shortage: A shortage occurs when the quantity demanded of a good or service exceeds the quantity supplied at a given price, resulting in excess demand. It represents an imbalance in the market where there is not enough of a product available for consumers.

Equilibrium: Equilibrium is the state in which the quantity demanded equals the quantity supplied at a specific price level. It represents a balance between supply and demand, with no surplus or shortage.

Price Floor: A price floor is a government-imposed minimum price set above equilibrium, aiming to protect producers by preventing prices from falling too low. It often leads to surpluses as it creates excess supply.