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Файл:Экономика. Понятия, принципы, проблемы. Учебное пособие
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arrangements n.
bundle n.
comprise v.
demand n.
demand v.
deposit n.
disperse v.
distinguish v.
economizing problem
expenditure n.
facilitate v.
facilities n.
distribution facilities
framework n.
hallmark n.
interfere with v.
intervention n.
investment goods
justify v.
laissez faire
manufactured adj.
means n.
non-essentials n.
ownership n.
property n.
purchase n.
purchase v.
pursue v.
refer to v.
respond v.
seek v.
storage n.
subsistence economy
supply v.
supply n.
tool n.
меры
, мероприятия, планы,
распоряжения, расположение
набор
заключать в себе, содержать, включать
спрос
требовать, нуждаться
месторождение; вклад, взнос
рассредоточивать
различать, характеризовать(ся)
проблема минимизации издержек
расходы, затрата, трата
облегчать, способствовать, помогать
возможности, средства, оборудование,
мощности
организационно-техническая база сбыта
продукции
структура, система, каркас, корпус, рамки
критерий, отличительный признак
быть помехой (препятствием), мешать
вмешательство
средства производства
оправдывать
фр. пусть будет так, как будет;
невмешательство
промышленный
средство, способ
товары, не являющиеся предметом
первой необходимости
собственность
собственность, свойство, качество
покупка, закупка
покупать, закупать
преследовать (цель), следовать курсу
ссылаться на
отвечать, реагировать
искать
склад, хранилище
потребительское хозяйство
снабжать;
поставка, предложение, запас
рабочий инструмент, орудие труда
51
Unit 3
SUPPLY AND DEMAND
STARTING POINT
1. What do you think a market is? Can you give any examples?
2. Some markets (fruit stalls and petrol stations) physically bring
together the buyer and the seller, other markets (the Stock Exchange)
operate through intermediaries. What do they have in common?
3. It is well known that consumer tastes may directly affect the
demand for goods. For example, when the Beatles and the Rolling
Stones first became popular, the demand for haircuts suddenly fell.
More recently, the emphasis on health and fitness has increased the
demand for jogging equipment. Can you add some more examples to
illustrate this relationship?
READING
1. Skim the text about supply and demand. Find an appropriate
heading for each paragraph:
a) equilibrium price;
b) determinants of market demand and market supply;
c) laws of demand and supply;
d) demand and supply curves;
e) interaction of demand and supply;
f) free market and price controls;
g) market demanders and market suppliers.
1. A market is a mechanism by which buyers and sellers are in contact to
exchange goods and services. We are supplying resources to the market when
we look for a job – that is, when we offer our labor in exchange for income.
But we are demanding goods when we shop in a supermarket – that is, when
we are prepared to offer dollars in exchange for something to eat. Business
firms may supply goods and services in product markets at the same time that
they are demanding factors of production in factor markets. People who are
willing and able to buy a particular good at some price are part of the market
demand for that product. All those who are willing and able to sell that good
at some price are part of the market supply.
52
2. We can study the interaction of demand, the behavior of buyers, and
supply, the behavior of sellers, to see how a market works in practice.
Demand is the quantity of a good buyers wish to purchase at each
conceivable price. Thus demand is not a particular quantity, but rather a full
description of the quantity the buyer would purchase at each and every price
which might be charged. The first column of Table 3.1 shows a range of
prices for bars of chocolate. The second column shows the quantities that
might be demanded at these prices. As the price of chocolate rises, the
quantity demanded falls, other things being equal. Taken together, columns
(1) and (2) describe the demand for chocolate as a function of its price.
Supply is the quantity of a good sellers wish to sell at each conceivable price.
Supply is not a particular quantity but a complete description of the quantity
that sellers would like to sell at each and every possible price. The third
column of Table 3.1 shows how much sellers wish to sell at each price.
Chocolate cannot be produced for nothing. Nobody would wish to supply if
they receive a zero price. Taken together, columns (1) and (3) describe the
supply of chocolate bars as a function of their price. Notice the distinction
between demand and the quantity demanded. Demand describes the behavior
of buyers at every price. At a particular price there is a particular quantity
demanded. The term “quantity demanded” makes sense only in relation to a
particular price. The same applies to supply and quantity supplied.
Table 3.1. The demand for and supply of chocolate
(3)
Supply
(million bars/year)
0
20
40
80
120
160
(1)
Price
(£/bar)
0.00
0.10
0.20
0.30
0.40
0.50
(2)
Demand
(million bars/year)
200
160
120
80
40
0
According to the law of demand, as price falls, the corresponding
quantity demanded rises. Or, alternatively, as price increases, the
corresponding quantity demanded falls. In short, there is a negative or
inverse relationship between price and quantity demanded. It means that
consumers will ordinarily buy more of a product at a low price than they
will at a high price. As for the relationship between price and quantity
supplied, it is positive or direct. It means that as price rises, the
corresponding quantity supplied rises too; as price falls, the corresponding
quantity supplied also falls. So, according to the law of supply, producers
are willing to produce and offer for sale more of their product at a high
price than they are at a low price.
53
4. Demand and supply curves illustrate how the quantity demanded or
(
)
(
)
supplied changes in response to a change in the price of that good, if
nothing else changes. Demand curves slope downward; supply curves slope
upward. In Figure 3.1 we measure on the vertical axis prices of chocolate
bars. Corresponding quantities demanded in millions of bars per year are
measured on the horizontal axis. The demand curve plots the data in the first
two columns of Table 3.1. The point A shows that 160 million bars per year
are demanded at a price of £0.10. The point B shows that 120 million bars
per year are demanded at a price of £0.20. Plotting all the points and joining
them up, this curve happens to be a straight line. The supply curve shows
the relation between price and quantity supplied, holding other things
constant. In Figure 3.2. we plot columns (1) and (3) of Table 3.1. Again we
join up the different data points.
0.50
0.40
£/bar
0.30
0.20
0.10
0
40 80 120 160 200
Quantity demanded (million bars/year)
Fig. 3.1. The demand for chocolate
B
A
0.50
Price
0.40
£/bar
0.30
0.20
Price
0.10
40 80 120 160
0
Q uantity sup p lied (m illion bars/yea r)
Fig. 3.2. The supply of chocolate
54
5. The determinants of market demand include the number of potential
buyers and their respective tastes (desires), incomes, other goods, and
expectations. The determinants of market supply include technology, factor
costs, other goods, taxes, expectations, and the number of sellers.
6. At the point where the two curves intersect (Fig. 3.3), an
equilibrium price – the price at which the quantity demanded equals the
quantity supplied – will be established. A distinctive feature of the
equilibrium price and quantity is that it is the only price-quantity
combination that is acceptable to buyers and sellers alike. At higher prices,
sellers supply more than buyers are willing to purchase (a market surplus);
at lower prices, the amount demanded exceeds the quantity supplied (a
market shortage). Only the equilibrium price clears the market.
0.50
D
S
F
0.40
G
E
0.30
B
Price (£/bar)
0.20
S
0.10
D
0
40 80 120 160
Quantity (million bars/year)
Fig. 3.3. The market for chocolate
7. Markets which allow prices to be determined by the forces of supply
and demand are called free markets. In a free market, deviations from the
equilibrium price tend to be self-controlling. Markets will not be free when
effective price controls exist. Price controls are government rules or laws
that forbid the adjustment of prices to clear markets. Price controls may be
floor prices (minimum prices) or ceiling prices (maximum prices). Price
ceiling and floors are disequilibrium prices imposed on the market. Such
price controls create an imbalance between quantities demanded and
supplied. The market mechanism is a device for establishing prices and
product and resource flows. As such, it may be used to answer the basic
economic questions of What to produce, How to produce it, and For Whom.
200
55
2. Scan the text and write the number of the paragraph where
you find the following information. Do it as quickly as possible:
___ price controls
___ market surplus
___ free market
___ determinants of demand and supply
___ definition of demand
___ downsloping demand curve
___ distinctive feature of equilibrium price and quantity
___ quantity demanded and quantity supplied
___ three basic economic questions
___ market shortage
___ market in operation
___ product market and factor market
___ demand and quantity demanded
___ vertical and horizontal axes
___ definition of supply
___ deviations from the equilibrium price
___ upsloping supply curve
___ market mechanism
COMPREHENSION CHECK
1. Scan the text to find the information to answer the questions.
1. What is a market?
2. What are individual households in product and factor markets?
3. What are firms in product and factor markets?
4. What are two sides of each market transaction?
5. What does a rise in prices lead to?
6. What does a fall in prices result in?
7. What happens if supply exceeds demand in any market?
8. What happens if demand exceeds supply in any market?
9. How does a rise in prices affect quantity demanded and supplied?
10. How does a fall in prices affect quantity demanded and supplied?
11. What are the determinants of market demand and supply?
12. What price is considered to be an equilibrium price?
13. How are deviations from equilibrium price adjusted in a free
market?
14. How do price ceilings and floors affect the market?
56
2. Match a line in A with a line in B to define the following terms:
A B
1. Demand
2. Supply
3. Market surplus
4. Market shortage
5. Equilibrium price
6. Market
7. Price controls
8.
Price ceilings and floors
9.
Free market
a) the ability and willingness to sell
(produce) specific quantities of a good at
alternative prices in a given time period.
b) the amount by which the quantity
supplied exceeds the quantity demanded at
a given price.
c) the amount by which the quantity
demanded exceeds the quantity supplied at
a given price.
d) the price at which the quantity demanded
equals the quantity supplied.
e) an institution which brings together
buyers and sellers.
f) disequilibrium prices imposed on the
marketplace.
g) the ability and willingness to buy
specific quantities of a good at alternative
prices in a given time period.
h) government rules or laws that forbid the
adjustment of prices to clear markets.
i) market which allows prices to be
determined purely by the forces of supply
and demand.
3. Choose the answer from the alternatives.
1. The law of demand states that:
a) price and quantity demanded are inversely related;
b) the larger the number of buyers in a market, the lower will be
product price;
c) consumers will buy more of a given product at high prices than
they will at low prices.
2. The demand curve shows the relationship between:
a) money income and quantity demanded;
b) price and quantity demanded;
c) price and production costs.
57
3. The law of supply indicates that:
a) producers will offer more of a product at high prices than they will
at low prices;
b) consumers will buy less of a good at high prices than they will at
low prices;
c) producers will offer more of a product at low prices than they will
at high prices.
4. The supply curve shows the relationship between:
a) production costs and amount demanded;
b) total business revenues and quantity supplied;
c) price and quantity supplied.
4. Mark the following statements as true (T) or false (F):
Statement T F
1. The law of demand says that consumers will buy more of a
product at a low price than they will at a high price.
2. Supply and demand curves illustrate how the quantity
demanded or supplied changes in response to a change in the
price .
3. At prices below the equilibrium price there is excess supply
(surplus)
4. At prices above the equilibrium price there is excess demand
(shortage)
5. Floor prices are minimum prices and ceiling prices are
maximum prices.
6. Market is free when effective price controls exist.
7. Price controls balance quantities demanded and supplied.
5. Complete the sentences choosing the correct alternative.
1. If the demand for a good exceeds the supply, there will be a
shortage/surplus. This will lead to a fall/rise in the price of the good.
2. If the supply of a good exceeds the demand, there will be
shortage/surplus. This will lead to a fall/rise in the price.
3. When the price of a good changes, we say that this causes the
demand/quantity demanded to change. When one of the determinants
changes, we say that this cause the demand/quantity demanded to change.
4. The equilibrium price is the price where demand equals supply/
demand exceeds supply.
58
VOCABULARY
1. Find English equivalents of the following Russian word
combinations.
1) рынок ресурсов a) quantity demanded
2) рынок продуктов b) an equilibrium price
3) при прочих равных условиях c) surplus
4) сводить вместе d) quantity supplied
5) равновесная цена e) factor market
6) величина спроса f) floor prices
7) излишек, избыток g) other things (being) equal
8) дефицит, нехватка h) product market
9) регулирование цен i) an upsloping curve
10) нисходящая кривая j) price controls
11) минимальные цены k) shortage
12) восходящая
кривая l) a downsloping curve
13) максимальные цены m) ceiling prices
14) величина предложения n) to bring together
2. Match the words which are very close in their meaning.
1) response
2) to look for
3) quantity
4) job
5) supply
6) to rise
7) to fall
8) conceivable
a) work
b) to go up
c) to go down
d) amount
e) reply
f) provide
g) to search
h) possible
3. Match the words having the opposite meaning.
1) allow
2) direct
3) to include
4) downward
5) purchase
6) surplus
7) positive
a) negative
b) forbid
c) c upward
d) to exclude
e) inverse
f) shortage
g) g. sale
59
4. The noun and the definition are matched. Choose the correct
noun as an adjective to complete the word partners. Example 1c.
Noun as an
Adjective
1) labor
2) market
3) demand
4) disequilibrium
5) product
6) excess
7) price
Noun Definition
a) supply
b) controls
c) cost
d) market
e) curve
f) prices
g) mechanism
= surplus
= government rules forbidding the
adjustment of prices
= how much it costs to employ people
= a mechanism for buying and selling
goods and services
=a curve that shows the relation
between price and quantity demanded,
holding other things equal
= floor prices or ceiling prices
= a device for establishing prices and
product and resource flows
5. Use the words from the list in the bottom to complete the
article.
CONDOMINIUM PRICES IN NEW YORK
More than 1.5 million people live on the 22.2-square-mile island of
Manhattan, New York City’s central borough. The resulting 1) ________
for housing creates astronomical prices for living quarters. In January 1985
the average 2) ______ of a new two-bedroom condominium apartment was
$450,000. The price was determined by 3) _______ of the “old” supply
curve with the market demand curve. The supply of any good depends on
technology, factor costs, other goods, taxes, and the number of sellers. If
any of these 4) _______ changes, the 5) _______ will shift.
This is exactly what happened in the New York City condominium
market. The state gave builders a special tax break for units constructed
prior to November 1985. This tax 6) _______ made it more profitable to
supply apartments. The result was a dramatic, rightward shift of the supply
curve: in January 1985, 13,359 apartments were under construction,
compared with only 3,952 apartments in all of 1984. This 7) _______ in
supply caused prices to fall – to an average of merely $380, 000.
a) reduction, b) demand, c) increase, d) determinants, e) the intersection,
f) price, g) the supply curve
60
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