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Demand and Supply

Demand is the quantity of a good that buyers wish to buy at each price1. Other things equal2, at low prices the demanded quantity is higher.

Supply is the quantity of a good that sellers wish to sell at each price. Other things equal, when prices are high, the supplied quantity is high as well.

The market is in equilibrium when the price regulates the quantity supplied by producers and the quantity demanded by consumers. When prices are not so high as the equilibrium price, there is excess demand (shortage) raising the price. At prices above the equilibrium price, there is excess supply (surplus) reducing the price.

There are some factors influencing demand for a good, such as the prices of other goods, consumer incomes and some others.

An increase in the price of a substitute good3 (or a decrease in the price of a complement good4) will at the same time raise the demanded quantity.

As consumer income is increased, demand for a normal good will also increase but demand for an inferior good will decrease. A normal good is a good for which demand increases when incomes rise. An inferior good is a good for which demand falls when incomes rise.

As to supply, some factors are assumed5 as constant. Among them are technology, the input price6, as well as degree of government regulation. An improvement in technology is as important for increasing the supplied quantity of a good as a reduction in input prices.

Government regulates demand and supply, imposing ceiling prices (maximum prices) and floor prices (minimum prices) and adding its own demand to the demand of the private sector.

1. Answer the following questions to the text.

1. What is demand?

2. What is supply?

3. When is the market in equilibrium?

4. What happens when the prices are not so high as eqiulibrium price or above the equilibrium price?

5. Which factors influence demand?

6. Which factors influence supply?

7. How can governments regulate demand and supply?

Additional information

2. Choose a suitable within the meaning of the word in brackets of the proposed options.

1. The fashion for miniskirt (increased / reduced) the demand for textile materials.

2. Even in (some / the same) middle-income countries many people are very poor.

3. Government regulations sometimes (decrease / impose) a change in (technology / quantity) that producers do not want to use.

4. Stabilization of prices is of great importance to industrial nations (as well as / as well) the Third World countries.

5. (Inferior / Normal) goods are usually low-quality goods for which there are higher-quality (improvements / substitutes) sold at higher prices.

6. Freeing up (liberation) prices leads to their (decrease / increase).

7. A decrease in (complement / input) prices makes the production less expensive.

3. Choose from the following pairs of cognate words of verbs and nouns and translate them into Russian.

To fall, consumer, to stabilize, organization, demand, to sell, buyer, influence, to invest, to improve, consumption, fall, improvement, stabilization, to intervene, to organize, investment, seller, to consume, to buy, to demand, increase, to reduce, reduction, to influence, to increase, intervention.

4. Translate the following sentences into Russian, paying attention to the words of some and the same.

1. At some price, which we call the "equilibrium price", the demanded quantity of a good equals the supplied quantity.

2. All markets have the same economic function: they form prices equalling the quantities of goods that people wish to buy or to sell.

3. There has been some rise of income in the past two decades (a decade) in developing countries.

4. A less developed country is the same as a country of the Third World.

5. An association is an organization formed by the people having the same interests and held together by a system of management.

6. For the next twenty years the supply of energy will be limited in some sectors of the US economy.

7. An improvement in technology is something that makes it possible for firms to produce more goods with the same quantity of inputs as before.

5. Insert the following suggestions adjectives forming the appropriate form degrees of comparison:

Low, important, much, large, many.

1. Command economy relies ... on planning than on prices.

2. Knowledge of foreign languages \u200b\u200bis now ... than it was some 40 years ago.

3. The degree of government regulation in present-day Russia is ... than in the Soviet Union.

4. In the 18th century the ... part of national income in ... European countries came from import and export tariffs.


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