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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).
â¢ Demand refers to the quantity of a commodity that people are willing to buy at a given price. â¢ Supply refers to the quantity that manufacturers are willing to produce at a given price. â¢ The price of a commodity is a result of pulls and pushes exerted by demand and supply in an economy. Related posts: 1  Difference Between Macroeconomics and Microeconomics.