<p>Shortage is in economics textbooks defined as the positive difference between quantity demanded and quantity supplied. If the difference is negative it will be called surplus.</p>
<p><strong>shortage:</strong> <span class="math-container">$Q_d - Q_s &gt;0$</span></p>
<p><strong>surplus:</strong> <span class="math-container">$Q_d - Q_s &lt;0$</span></p>
<p>This is how I saw it defined in every economics textbook I ever used. For example, Soloman's Economics, or Mankiw's Principles.</p>

CC BY-SA 4.0
2024-10-29T02:16:35.250Z
FTR, it looks like [N. Gregory Mankiw's *Principles of Microeconomics* (Dryden Press, 1997), vol. 1, p. 113](https://www.google.com/books/edition/Principles_of_Microeconomics/xoztFMavGCcC?gbpv=1&pg=PA113&printsec=frontcover) shows this in the caption for Figure 6-1. I had trouble finding which book you're referring to as "Soloman's Economics", though.
Solomon Ucko
CC BY-SA 4.0
2023-08-17T17:50:49.290Z
2023-08-17T17:50:49.290Z
WilliamT
<p>Laymen often talk about “shortages” in the economy. But is there an accepted definition of what a “shortage” is from the perspective of economics as a science?</p>

CC BY-SA 4.0
2023-08-17T07:36:57.273Z
Hi! Can you please explain what you mean by "accepted definition"?
Giskard
CC BY-SA 4.0
2023-08-17T08:39:30.820Z
Hi @JonathanReez. Shortage is not a term used in the typical textbook, I wouldn't imagine. But it is pervasive nevertheless. It's most commonly used to characterise the compound effect of: (1) excess demand for a good/service/production input, often in conjunction with (2) inelastic supply of some good/service/input.
EB3112
CC BY-SA 4.0
2023-08-17T17:51:46.300Z
@EB3112 what are you talking about? Term shortage is used in every economics textbook, what textbook you used that did not mentioned it? Every textbook I know mentions shortages when discussing price floors which is part of core 101 economics
WilliamT
CC BY-SA 4.0
2023-08-17T21:28:14.107Z
Hi @WilliamT. If I mispoke regarding the frequency of 'shortage' used in undergrad texts, then I apologise to the OP. However, my comment is not only consistent with your own answer, but consistent too with Mankiw who refers to shortage as `excess demand.' So, you caught me: I don't cradle my copy of Mankiw in bed at night like you do. But, my original comment was nevertheless informative to the OP. There are counterexamples (a copy of a textbook in front of me) does not mention the word shortage once, yet mentions excess demand 23 times. https://andrewclausen.net/teaching/econtheory.pdf
EB3112
CC BY-SA 4.0
2023-08-18T19:16:36.447Z
@EB3112 I do not cradle economic textbooks in bed either, but I wanted to correct the record
WilliamT
<definition>
Is there an accepted definition of what a “shortage” is in economics?
JonathanReez
# Is there an accepted definition of what a “shortage” is in economics?

(Asked by: username_0 on 2023-08-17)

Laymen often talk about “shortages” in the economy. But is there an accepted definition of what a “shortage” is from the perspective of economics as a science?

**Tags:** definition

> **Comments:**
> **username_1**: Hi! Can you please explain what you mean by "accepted definition"?  
> **username_2**: Hi @username_0. Shortage is not a term used in the typical textbook, I wouldn't imagine. But it is pervasive nevertheless. It's most commonly used to characterise the compound effect of: (1) excess demand for a good/service/production input, often in conjunction with (2) inelastic supply of some good/service/input.  
> **username_3**: @username_2 what are you talking about? Term shortage is used in every economics textbook, what textbook you used that did not mentioned it? Every textbook I know mentions shortages when discussing price floors which is part of core 101 economics  
> **username_2**: Hi @username_3. If I mispoke regarding the frequency of 'shortage' used in undergrad texts, then I apologise to the OP. However, my comment is not only consistent with your own answer, but consistent too with Mankiw who refers to shortage as `excess demand.' So, you caught me: I don't cradle my copy of Mankiw in bed at night like you do. But, my original comment was nevertheless informative to the OP. There are counterexamples (a copy of a textbook in front of me) does not mention the word shortage once, yet mentions excess demand 23 times. https://andrewclausen.net/teaching/econtheory.pdf  
> **username_3**: @username_2 I do not cradle economic textbooks in bed either, but I wanted to correct the record  

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## 1 answers

### Answer by username_3 on 2023-08-17. Score: 2

Shortage is in economics textbooks defined as the positive difference between quantity demanded and quantity supplied. If the difference is negative it will be called surplus.

**shortage:** $Q\_d - Q\_s >0$

**surplus:** $Q\_d - Q\_s <0$

This is how I saw it defined in every economics textbook I ever used. For example, Soloman's Economics, or Mankiw's Principles.

> **Comments:**
> **username_4**: FTR, it looks like [N. Gregory Mankiw's *Principles of Microeconomics* (Dryden Press, 1997), vol. 1, p. 113](https://www.google.com/books/edition/Principles_of_Microeconomics/xoztFMavGCcC?gbpv=1&pg=PA113&printsec=frontcover) shows this in the caption for Figure 6-1. I had trouble finding which book you're referring to as "Soloman's Economics", though.  

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