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Elasticity of Demand and Supply

Оглавление

Anna and Mark are discussing elasticity after their economics lecture.


Anna: Mark, I heard the professor talk about elasticity. What does it mean in economics?

Mark: Elasticity measures how much the quantity demanded or supplied responds to changes in price.

Anna: So it shows sensitivity to price changes?

Mark: Exactly. If demand or supply changes a lot when the price changes, it is called elastic. If it changes a little, it is inelastic.

Anna: Can you give an example of elastic demand?

Mark: Sure. Luxury goods like designer clothes usually have elastic demand because people can delay or avoid buying them if the price rises.

Anna: And inelastic demand?

Mark: Necessities like food or medicine have inelastic demand because people need them regardless of price.

Anna: What about supply elasticity?

Mark: It shows how much producers change the quantity they supply when prices change. Some goods, like manufactured products, have more elastic supply, while others, like land, are less elastic.

Anna: I see. So elasticity helps understand how markets react to price changes.

Mark: Exactly. It’s very useful for businesses and policymakers.

Полезные фразы и выражения

elasticity – эластичность


price elasticity of demand – ценовая эластичность спроса


price elasticity of supply – ценовая эластичность предложения


elastic – эластичный


inelastic – неэластичный


sensitive to price changes – чувствительный к изменениям цены


quantity demanded – количество, требуемое к покупке


quantity supplied – количество, предлагаемое к продаже


luxury goods – предметы роскоши


necessities – необходимые товары


producers – производители


market – рынок


to react to price changes – реагировать на изменения цены

Упражнения

1. Matching


Соотнеси английские слова с их переводом.


A


elastic

inelastic

luxury goods

necessities

producers


B


a. производители

b. необходимые товары

c. предметы роскоши

d. эластичный

e. неэластичный


2. Fill in the blanks


Заполни пропуски словами из списка: (quantity supplied, inelastic, elastic, quantity demanded, producers)


__________ shows how much the amount that consumers want changes with price.


If demand or supply changes a lot with price, it is called __________.


If demand changes very little with price, it is called __________.


__________ is the amount that producers are willing to sell at different prices.


__________ are responsible for supplying goods and services in the market.


3. Translation


A. Translate into English:


Эластичность показывает, как сильно количество спроса или предложения реагирует на изменения цены.


Предметы роскоши обычно имеют эластичный спрос.


Необходимые товары имеют неэластичный спрос.


B. Translate into Russian:


Elasticity helps businesses and governments understand market reactions.


Supply elasticity shows how producers respond to price changes.


4. Speaking Practice (Dialog)


Работай в паре.


Student A: Ask what elasticity means in economics.

Student B: Explain that it measures how much quantity demanded or supplied changes when price changes.

Student A: Ask about elastic and inelastic demand.

Student B: Explain the difference and give examples of luxury goods and necessities.

Student A: Ask about supply elasticity.

Student B: Explain how producers change quantity supplied in response to price changes.


Пример диалога:


Student A: Hi! What is elasticity in economics?

Student B: Elasticity measures how much the quantity demanded or supplied changes when the price changes.

Student A: What does elastic and inelastic demand mean?

Student B: Elastic demand changes a lot with price, like luxury goods. Inelastic demand changes very little, like necessities.

Student A: And what about supply elasticity?

Student B: Supply elasticity shows how much producers change the quantity they supply when prices change.

Ответы к упражнениям

1. Matching


1 – d

2 – e

3 – c

4 – b

5 – a


2. Fill in the blanks


quantity demanded


elastic


inelastic


quantity supplied


producers


3. Translation


A.


Elasticity shows how much quantity demanded or supplied responds to price changes.


Luxury goods usually have elastic demand.


Necessities have inelastic demand.


B.


Эластичность помогает бизнесу и правительствам понимать реакции рынка.


Эластичность предложения показывает, как производители реагируют на изменения цены.

Английский язык для экономистов. Основы экономического английского

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