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It should be clear to you after reviewing the graphs that the key factor in determining supply and demand is price. Sellers prefer a high price and buyers prefer a low price. If you were to lay the two graphs of figure 1 and 2 on top of one another, the supply line and the demand line would cross at that crossing point, the quantity demanded and the quantity supplied would be equal. Figure 3 illustrates that point. At a price of 5 dollars the quantity demanded and the quantity supplied are equal. It is known as the equilibrium point. That would become the market price. Market price is determined by supply and demand. In a free market, prices will always tend toward the equilibrium price.
The interaction between supply and demand determines the market price in the long run. Proponents of a free market would argue there is no need for government involvement or government planning. If surpluses develop, a signal is sent to sellers to lower the price. If shortages develop, a signal is sent to sellers, to increase the price. Eventually, supply will again equal demand if nothing interferes with market forces.
Figure 3
(Equilibrium Point)
Ex. 3. Give English equivalents to the following:
предложение (товара), спрос, количество товаров, производители или собственники, в данный период времени, вообще говоря, кривая предложения, эластичное предложение, может повышаться или снижаться, эластичность спроса, в соответствии с, шкала личных предпочтений, товары первой необходимости, предметы роскоши, товары не первой необходимости, точка равновесия, рыночная цена, в конце концов, сторонники свободной торговли, вмешательство правительства, излишки продукции, недостаток (товаров), в конечном счете, факторы рынка
Ex. 4. Insert the correct prepositions if necessary:
1. Supply refers … the quantity of products that manufacturers or owners
are willing to sell … different prices at a specific time.
2. The interaction … supply, demand and price can be shown … a graph.
3. The key factor … determining supply and demand is price.
4. Market price is determined …supply and demand.
5. Prices always tend … the equilibrium price.
6. If nothing interferes with market forces, supply will equal … demand.
7. Supply can be increased or decreased rapidly … response to market
prices.
8. Every day people offer money … particular goods and services.
9. The demand … bananas will probably increase.
10.The supply … cigarettes does not usually fluctuate.
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| The Role of Government in the Economy. | | | Ex. 5. Study the table. Fill in the gaps with the words from the table. |