Explanation:

- Excess Demand: This occurs when the quantity demanded exceeds the quantity supplied at a given price, often leading to higher prices.

- Excess Supply: This happens when the quantity supplied is greater than the quantity demanded at a given price, leading to potential price reductions.

- Price Ceiling: This is a government-imposed limit on how high a price can be charged, usually to keep essentials affordable.

- Price Floor: This is a set minimum price by the government, often to protect suppliers, like minimum wage laws.