Economic equilibrium

When the price is above the equilibrium point there is a surplus of supply; where the price is below the equilibrium point there is a shortage in supply. Different supply curves and different demand curves have different points of economic equilibrium. In most simple microeconomic stories of supply and demand in a market a static equilibrium is observed in a market; however, economic equilibrium can exist in non-market relationships and can be dynamic. Equilibrium may also be multi-market or general, as opposed to the partial equilibrium of a single market.
In economics, the term equilibrium is used to suggest a state of "balance" between supply forces and demand forces. For example, an increase in supply will disrupt the equilibrium, leading to lower prices. Eventually, a new equilibrium will be attained in most markets. Then, there will be no change in price or the amount of output bought and sold — until there is an exogenous shift in supply or demand (such as changes in technology or tastes). That is, there are no endogenous forces leading to the price or the quantity.
Not all economic equilibria are stable. For an equilibrium to be stable, a small deviation from equilibrium leads to economic forces that returns an economic sub-system toward the original equilibrium. For example, if a movement out of supply/demand equilibrium leads to an excess supply (glut) that induces price declines which return the market to a situation where the quantity demanded equals the quantity supplied. If supply and demand curves intersect more than once, then both stable and unstable equilibria are found.
Most economists e.g., Paul Samuelson[2]:Ch.3,p.52 caution against attaching a normative meaning (value judgement) to the equilibrium price. For example, food markets may be in equilibrium at the same time that people are starving (because they cannot afford to pay the high equilibrium price). Indeed, this occurred during the Great Famine in Ireland in 1845–52, where food was exported though people were starving, due to the greater profits in selling to the English – the equilibrium price of the Irish-British market for potatoes was above the price that Irish farmers could afford, and thus (among other reasons) they starved.[3]

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he United States Navy (USN) is the naval warfare service branch of the United States Armed Forces and one of the seven uniformed services of the United States. In August 2010, the U.S. Navy had 330,729 personnel on active duty and 102,923 in the Navy Reserve. It operates 289 ships in active service and more than 3,700 aircraft.[3] The U.S. Navy is the largest in the world; its battle fleet tonnage is greater than that of the next 13 largest navies combined.[4] The U.S. Navy also has the world's largest carrier fleet, with 11 in service and one under construction.
The Navy traces its origins to the Continental Navy, which was established during the American Revolutionary War and was essentially disbanded as a separate entity shortly thereafter. The United States Constitution provided the legal basis for a military force by giving Congress the power "to provide and maintain a navy".[5]

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