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general equilibrium

[/ˈdʒɛnərəl ˌɛkwɪˈlɪbriəm/]
noun
equilíbrio geral
1. An economic state in which supply equals demand across all markets simultaneously, with all prices adjusted so that quantities supplied equal quantities demanded
The economist proved that general equilibrium exists under certain market conditions.
O economista provou que o equilíbrio geral existe sob certas condições de mercado.
2. The theoretical concept that all markets in an economy are interconnected and reach a simultaneous balance
General equilibrium theory is fundamental to modern microeconomics.
A teoria do equilíbrio geral é fundamental para a microeconomia moderna.
Synonyms
Walrasian equilibriumsimultaneous equilibriummarket clearing equilibrium
Antonyms
partial equilibriumdisequilibriummarket failure

Regional Variations

General Brazilian
equilíbrio geral
Standard economic terminology used in Brazilian universities and publications
Portugal
equilíbrio geral
Standard economic terminology used in Portuguese academic and professional contexts

Related Idioms & Phrases

reach general equilibrium
move towards general equilibrium
general equilibrium analysis
general equilibrium model
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