equilibrium cultural definition

In economics, a state of the economy in which for every commodity or service (including labor), total supply and demand are exactly equal. Equilibrium is never actually attained; it is approximated by movements of the market.

• Keynesian economics departed from conventional economic theory in demonstrating that economic equilibrium and full employment need not occur together. Therefore, as a system tends toward equilibrium, it might not eliminate unemployment.

A condition in which all influences acting cancel each other, so that a static or balanced situation results. In physics, equilibrium results from the cancellation of forces acting on an object. In chemistry, it occurs when chemical reactions are proceeding in such a way that the amount of each substance in a system remains the same. (See chemical equilibrium.)