Price determination

Question 1

Excess demand

Answer 1

When the price of a good is less than the equilibrium price, and sothere are more consumers willing to buy the product than producers are willing to sell
Quantity demanded > supplied

Question 2

Excess supply

Answer 2

When the price of a good is above the equilibrium price so less consumers are willing to buy than producers want to sell
Quantity supplied > demanded

Question 3

Market

Answer 3

Where buyers and sellers meet and exchange money/goods for other good/services - can take place in person, internet etc