What term refers to the balance between supply and demand in a market?

The term that refers to the balance between supply and demand in a market is equilibrium. In economic terms, equilibrium occurs at a point where the quantity of goods or services desired by consumers matches the quantity supplied by producers. This balance ensures that there are neither surpluses nor shortages in the market, leading to stability in prices and quantities exchanged.

When demand for a product increases, prices typically rise, encouraging producers to supply more. Conversely, if demand decreases or supply increases significantly, prices tend to fall, which can lead to reduced production. The concept of equilibrium is crucial for understanding how markets function and adjust over time in response to various factors, including consumer preferences and production costs.

The other options do not relate directly to the concept of market balance. Equitable title is a legal concept concerning ownership, encumbrance refers to a claim or liability against a property, and equity typically relates to ownership or fairness, not to supply and demand dynamics in economic markets. Thus, equilibrium is the appropriate term that encapsulates the idea of balance between supply and demand in a market context.