Demand (n) Influence (n) Specific (adj) Quantity (n) Quantity demanded (n) Quantity supplied (n) Shift factors (n) Shift (v) Demand curve (n) Supply curve (n) Terminology (n) Movement along (v) illustrate (v) Willing (adj) Equilibrium (n) Tendency (n) Occur (v) Graph (n) Intersect (v) Excess (adj) Horizontal (n) /dɪˈmænd/ /ˈɪnfluəns/ /spəˈsɪfɪk/ /ˈkwɑːntəti/ /ˈkwɑːntəti/ /dɪˈmænd/ /ˈkwɑːntəti/ /səˈplaɪ/ /ʃɪft/ /ˈfæktər/ /ʃɪft/ /dɪˈmænd/ /kɜːrv/ /səˈplaɪ/ /kɜːrv/ /ˌtɜːrməˈnɑːlədʒi/ /ˈmuːvmənt/ /əˈlɔːŋ/ /ˈɪləstreɪt/ /ˈwɪlɪŋ/ /ˌiːkwɪˈlɪbriəm/ /ˈtendənsi/ /əˈkɜːr/ /ɡræf/ /ˌɪntərˈsekt/ /ɪkˈses/ /ˌhɒrɪˈzɒntl/ nhu cầu ảnh hưởng cụ thể số lượng lượng cầu lượng cung yếu tố khác dịch chuyển, thay đổi đường cầu đường cung thuật ngữ di chuyển theo minh họa sẵn sàng trạng thái cân xu hướng xảy đồ thị giao nhiều Demand and supply I.Summary: Unit is about supply and demand There are some main ideas Firstly, it talks about the demand Demand describes how price influences buyer behavior The law of demand: when we holding other factors are constant If the price of a good increase, the quantity demanded will decrease and vice versa A change of price causes a movement along a given demand curve The shift factors of demand causes the shift of the entire demand curve Secondly, it talks about the supply Supply describes how price influences seller behavior Demand and supply The law of supply: when we holding other factors are constant, if the price of a good increase, the quantity supplied will increase and vice versa A change of price causes a movement along a given supply curve The shift factors of supply causes the shift of the entire supply curve Finally, it talks about the relationship between demand curve and supply curve Equilibrium is the point where the quantity demanded equals the quantity supplied II Answer the short question: What is the demand? → Demand is the quantity of goods and services, the buyers are Demand and supply willing to buy at every price level What is the supply? → Supply is the quantity of goods and services, the sellers are willing to sell at every price level What is the quantity demanded? → The quantity demanded is the quantity of goods and services, the buyers are willing to buy at specific price What is the quantity supplied? → The quantity supplied is the quantity of goods and services, the sellers are willing to sell at specific price What factor causes the movement along a given demand curve (or supply curve)? → The change of price of the good causes the movement along Demand and supply a given the demand curve (or supply curve) What are the shift factors of demand? → They are: consumer’s income, the prices of other goods, taste, buyers’ expectation What are the shift factors of supply? → They are: the prices of inputs, technology, taxes, suppliers’ expectation What is the equilibrium? Is the equilibrium constant? → Equilibrium is the point where the quantity demanded equals the quantity supplied Equilibrium isn’t constant because the supply curve and demand curve can change Unit 5: Demand and supply When is a market in equilibrium? → The market in equilibrium when there is no reason for the market price of the product to raise or to fall 10 When the quantity demanded is more than (or less than) the quantity supply, how the rice change? → When the quantity demanded is more than quantity supply, there is a shortage, so the price will increase When the quantity demanded is less than the quantity supply, there is a surplus, so the price will decrease 11 Demand curve is a simply graph that shows the price influences on buyers behavior 12 Supply curve is a simply graph that shows the price influences on sellers behaviors Unit 5: Demand and supply III Answer the long question: What are the roles of demand and supply? → Demand and supply play a central role in the economy It’s important to understand how the economy operate How people, governments and businesses can use them to analyze decisions about price and quantity Demand and supply influences the decisions of Government, such as: minimum wage, prices support, production incentive, It helps the Government determined how taxes subsidized tariff What are the advantages and disadvantages of the excess demand and excess supply? → When the quantity demanded is more than the quantity supplied, there is a shortage So, the price of good will increase Demand and supply Advantages: it helps the companies make more profit and it promote production Disadvantages: it restricts consumption and it may result inflation When the quantity demanded is less than quantity supplied, there is a surplus So, the price of goods will reduce Advantages: it’s helpful for consumers They have to pay less money for goods and services So, it encourages the consumption Disadvantages: profits of businesses will reduce and it should not promote production