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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).
Surplus and shortage: 1  If the market price is above the equilibrium price, quantity supplied is greater than quantity demanded, creating a surplus. 2  Example: if you are the producer, you have a lot of excess inventory that cannot sell.