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2016-03-26T08:57:29+05:30
A condition or state in which economic forces are balanced. these economic variables will be unchanged from their equilibrium values in the absence of external influence.economic equilibrium can also be defined as the point where supply equals demand for a product
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2016-03-26T19:04:56+05:30
General equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall (or "general") equilibrium. General equilibrium theory contrasts to the theory of partial equilibrium, which only analyzes single markets. General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which circumstances the assumptions of general equilibrium will hold. The theory dates to the 1870s, particularly the work of French economist Léon Walras in his pioneering 1874 work Elements of Pure Economics
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