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A 2014 image of product shortages in Venezuela. In economics, a shortage or excess demand is a situation in which the demand for a product or service exceeds its supply in a market. It is the opposite of an excess supply (surplus).
There would be less demand because people would not have the cash to pay for a lot of products. Less demand would mean more unemployment due to companies not moving their products, thereby having to lay off workers. There would be less demand because people would not have the cash to pay for a lot of products.