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READINGThe Demand CurveDemand describes how price influences buyer behavior. If the price of a specific good or serviceincreases, the quantity a buyer will purchase will decrease. If the price decreases, the quantity a buyerwill purchase will increase.However, more than just price influences how much a buyer wishes to purchase. In order to focus onthe influence of price on a buyer, we must hold all the other possible influences constant.
UNIT : DEMAND AND SUPPLY Group 6: Nguyễn Thị Thu Trang Nguyễn Thùy Dương Đỗ Thị Thảo Lê Thùy Trang Đinh Thị Phương Thảo VOCABULARY AND EQUIVALENCE Words Transciption Vietnamese Examples Demand /dɪˈmɑːnd/ (n) nhu cầu a demand for higher pay (v) yêu cầu Supply /səˈplaɪ/ (n) Sự cung cấp The water supply is unsafe (v) cung cấp Curve /kɜːv/ (n) đường cong a curve in the road Quantity /ˈkwɒntəti/ (n) số lượng a product that is cheap to produce in large quantities Factor /ˈfæktə(r)/ (n) nhân tố The result will depend on a number of different factors Expectation /ˌekspekˈteɪʃn/ (n) trông mong The results exceeded our expectations Taste /teɪst/ (n) thị hiếu He has very good taste in music Terminology /ˌtɜːmɪˈnɒlədʒi/ (n) thuật ngữ Scientists are constantly developing new terminologies Illustrate /ˈɪləstreɪt/ (v) minh họa an illustrated textbook Model /ˈmɒdl/ (n) mơ hình a model aeroplane Entire /ɪnˈtaɪə(r)/ (adj) toàn The entire village was destroyed Graph /ɡræf/ (n) đồ thị The graph shows how house prices have risen since the 1980s Equilibrium /ˌiːkwɪˈlɪbriəm/ (n) trạng thái cân He sat down to try and recover his equilibrium Tendency /ˈtendənsi/ (n) xu hướng This material has a tendency to shrink when washed Occur /əˈkɜː(r)/ (v) xảy Something unexpected occurred Horizontal /ˌhɒrɪˈzɒntl/ (adj) nằm ngang I was so tired, I just wanted to be horizontal Excess /ɪkˈses/ (n) thừa He started drinking to excess afer losing his job READING The Demand Curve Demand describes how price influences buyer behavior If the price of a specific good or service increases, the quantity a buyer will purchase will decrease If the price decreases, the quantity a buyer will purchase will increase However, more than just price influences how much a buyer wishes to purchase In order to focus on the influence of price on a buyer, we must hold all the other possible influences constant Questions: What is the definition of “ demand” ? Demand is the quantity of goods and services that the buyers are willing and able to buy at every price levels and in a period of time while others factors are constant How price of good influence its demand? If the price of a specific good or service increases, the quantity a buyer will purchase will decrease If the price decreases, the quantity a buyer will purchase will increase The Demand Curve Demand describes how price influences buyer behavior If the price of a specific good or service increases, the quantity a buyer Translate: Cầu thể ảnh hưởng giá hành vi người mua Nếu giá will purchase will decrease If the price decreases, the quantity a hàng hóa, dịch vụ tăng lượng mua giảm ngược lại giá giảm buyer will purchase will increase lượng mua tăng However, more than just price influences how much a buyer wishes to purchase In order to focus on the influence of price on a Tuy , khơng dừng lại ảnh hưởng giá đến lượng mua Nhằm nghiên cứu ảnh hưởng giá người mua, phải giữ buyer, we must hold all the other possible influences constant cho yếu tố ảnh hưởng khác không thay đổi Economists call factors other than the price of the specific good that influences how much a buyer purchases the shift factors of Question: What factors cause the whole demand curve shift to the left or to the right? There are : society’s income, price of other goods, exxpectations, and tastes demand, or society’s income, price of other goods, expectations, and tastes Demand curve shows the price influence on buyers In the terminology of economics, a price change causes a movement along a given demand curve An increase in price will decrease Translate: Các nhà kinh tế học gọi yếu tố giá ảnh hưởng tới lượng mua nhân tố phụ cầu, the quantity demanded thu nhập xã hội, giá hàng hóa khác, kì vọng thị hiếu Sự dịch chuyển đường cầu cho ta thấy tầm ảnh hưởng giá người mua Trong thuật ngữ kinh tế, thay đổi giá dẫn tới đồ thị cầu thay đổi theo Giá tăng dẫn tới cầu hàng hóa giảm We must be able to illustrate on our model how influences other than price, called shift factors, affect decision to buy On our demand model, we illustrate a change in one of these factors by a shift of the entire demand curve to the right or to the left In the language of economics, if higher incomes cause the buyers of a specific good to be willing and able to buy more at various prices, this event is expressed as an increase in demand and is modeled as a shift of the demand curve to the right If buyers are willing and able to buy less at all of the various prices, there is a decrease in demand, and the demand curve shift to the left Question : What is the difference beween “demand” and “quantity demanded”? Demand Quantity demanded Price At various price, in a period of time At certain price Shift factor not constant constant Demand curve Shif to the lef or to the right Movement along given curve We must be able to illustrate on our model how influences other than price, called shift factors, affect decision to buy On our demand model, we illustrate a change in one of these factors by a shift of the entire demand curve to the right or to the left In the language of economics, if higher incomes cause the buyers of a specific good to be willing and able to buy more at various prices, this event is expressed as an increase in demand and is modeled as a shift of the demand curve to the right If buyers are willing and able to buy less at all of the various prices, there is a decrease in demand, and the demand curve shift Translate: Chúng ta cần làm rõ cách mà nhân tố ảnh hưởng giá, gọi nhân tố phụ, ảnh hưởng đến định mua Ở mơ hình cầu, thấy thay đổi nhân tố thơng qua đường cầu dịch sang phải trái Trong ngôn ngữ kinh tế, thu nhập tăng, người mua có khả mong muốn mua nhiều mức giá khác nhau, điều hiểu cầu tăng đường cầu dịch sang phải Nếu người mua giảm mức mua sắm tức cầu giảm đường cầu dịch sang trái to the left Talk about the influences of price factor and shift factors on demand of a good The Supply Curve Question: How prices of a good influence its demand ? The seller, just like the buyer, will influenced by prices when deciding how much to provide or produce But for the seller, as the For the seller, as the price of a good or service rises, the quantity supplied will increase As price decreases, the seller will produce less and the quantity supplied will decrease price of a good or service rises, the quantity supplied will increase As price decreases, the seller will produce less and the quantity supplied will decrease Translate: Other forces beside price affect sellers’ willingness and ability to sell at various prices These forces are called shift factors and include changes in prices of inputs, technology, taxes, and suppliers’ expectations These factors are help constant as we discuss how price influences the seller Người bán, người mua, bị ảnh hưởng giá định cung cấp sản xuất Nhưng dối với người bán, giá mặt hàng dịch vụ tăng, lượng tăng Khi giá giảm, người bán sản xuất lượng cung giảm Những yếu tố giá ảnh hưởng đến sẵn sàng khả bán với giá khác người bán Những yếu tố gọi yếu tố thay đổi bao gồm biến đổi giá yếu tố đầu vào, công nghệ, thuế mong đợi nhà cung cấp Các yếu tố coi không thay đổi thảo luận giá ảnh hưởng đến người bán In the language of economic, any change in price will cause a change in quantity supplied On the graph this is show as a movement along a given supply curve However, our model must also illustrate how the shift factors influence seller decision-making A change in one of these factors is said to cause a change in supply and is modeled as a shift of the entire curve An increase in the cost of producing a good would result in a decrease in supply We would model it by shifting the supply curve to the left Question: Will the supply curve of beer shift to the right or to the left if there is an increase in its production cost? Yes, it will shift to the left if there is an increase in its production cost What is “supply”? Supply is a quantity of goods and services that seller are willing able to sell at prices in a period of time while other factors are constant In the language of economic, any change in price will cause a change in Translate: quantity supplied On the graph this is show as a movement along a given supply curve However, our model must also illustrate how the shift factors influence seller decision-making Trong ngơn ngữ kinh tế, thay đổi giá gây nên thay đổi lượng cung Trên đồ thị hiển thị biến động đường cung Tuy nhiên, cho thấy thay đổi yếu tố ảnh hưởng đến A change in one of these factors is said to cause a change in supply and is định người bán modeled as a shift of the entire curve An increase in the cost of producing a good would result in a decrease in supply We would model it by shifting the supply curve to the left Một thay đổi yếu tố cho nguyên nhân gây thay đổi cung biểu thay đổi toàn đường cong Sự gia tăng chi phí sản xuất hàng hóa dẫn đến giảm cung Chúng ta thấy qua dịch chuyển đường cung sang trái Talk about the influences of price factor and shift factors on supply of a good You need to be clear on the difference between an increase in supply and an increase in quantity supplied An improvement in production technology would cause an increase in supply An increase in price results in an increase in quantity supplied Equilibrium is a situation in which there is no tendency to change A market will be in equilibrium when there is no reason for the market price of the product to rise or to fall This occurs at the price where quantity demanded equals quantity supplied At this price, the amount that consumers wish to buy is exactly the same as the amount that producers wish to sell Question: What is the difference between “ supply” and “ quantity supply”? Supply Quantity supply Price At various price, in a period of time At certain price Shift factor not constant constant Demand curve Shif to the lef or to the right Movement along given curve You need to be clear on the difference between an increase in supply and an increase in quantity supplied An improvement in production technology would cause an increase in supply An increase in price results in an increase in quantity supplied Translate: Bạn cần làm rõ điểm khác tăng lên cung tăng lên lượng cung Sự cải thiện công nghệ sản xuất dẫn đến tăng lên cung, tăng lên giá dẫn đến tăng lên lượng cung Equilibrium is a situation in which there is no tendency to change A market will be in equilibrium when there is no reason for the market price of the product to rise or to fall This occurs at the price where quantity Sự cân tình ta nhận thấy khơng có xu hướng thay đổi Thị trường tình cân giá thị trường sản phẩm ko có lý demanded equals quantity supplied At this price, the amount that để tăng giảm Tình xảy mức lượng cầu lượng consumers wish to buy is exactly the same as the amount that producers cung Ở mức giá số lượng mà người mua hàng cần mua xác wish to sell số lượng mà nhà cung cấp muốn bán Demand and supply curves are simply graphs of demand and supply schedules Equilibrium occurs where the supply and demand curves intersect at an equilibrium price of $3 and an equilibrium quantity bought and sold of Excess supply or excess demand at any price is simply the horizontal distance between the supply and demand curves Question: When is a market in equilibrium? When the supply and demand curves intersect at an equilibrium price of $3 and an equilibrium quantity bought and sold of Translate: Sự dịch chuyển đường cầu đường cung biểu đồ thị cung cầu Điểm cân nơi đường cung đường cầu cắt điểm giá cân 3$ lượng mua bán Dư cung hay dư cầu mức giá khác tính khoảng cách đường cung đường cầu theo chiều ngang Summary: Firstly, it talks about demand - Demand describes how price influences buyer’s behavior - A movement of demand curve when a change in prices or one of shift factors of demand • A change in prices causes a movement along a given demand curve • The shift factors of demand are society’s income, prices of others goods, expectations, and tastes A change in one of shifts factors causes a shift of the demand curve to the right or to the left 2 The second main ideal is supply: - Supply describes how price influences seller’s behavior - A movement of supply curve when a change in prices or one of shift factors of supply • A change in prices cause a movement along a given supply curve • The shift factors of supply include: price of inputs, technology, taxes, and suppliers’ expectations A change in one of shift factors of supply causes a shift of the entire supply curve to the right or to the left Finally, it talks about Equilibrium: • Equilibrium is a situation in which there is no tendency for change • Equilibrium occurs when demand curves intersect supply curves At this point quantity demanded equals quantity supplied ... prices, there is a decrease in demand, and the demand curve shift to the left Question : What is the difference beween demand and “quantity demanded”? Demand Quantity demanded Price At various price,... cấp muốn bán Demand and supply curves are simply graphs of demand and supply schedules Equilibrium occurs where the supply and demand curves intersect at an equilibrium price of $3 and an equilibrium... and sold of Excess supply or excess demand at any price is simply the horizontal distance between the supply and demand curves Question: When is a market in equilibrium? When the supply and demand