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Supply & Demand: How Market Works
The two basic terms used most often by economian are supply and demand. The amount of something that is available-the supply-and the amount of something that people want-the demand-make up a working market. The market is the way in which are economic activity organized between buyers and sellers through their behaviour and interaction wiht one another.
Buyers as a group, determine the overall demand for a particilar product at various prices. The interaction of buyers and sellers in the market helps to determine the market price, thereby allocating scarce goods and services efficiently. The price is taken into account when deciding how much of something to consume, and also how much to produce.
The relationship between price and quantity demanded is so universal that is called the law of demand. This law states that with all else equal, when the price of goods rises, the quantity demanded falls and when the price falls, the quantity demanded rises. The supply curve provides the opposite information: the higher the price, the higher the quantity supplied-and the lower the price, the lower the quantity supplied.
A key function of the market is to find equilibrium price when supply and demand are in balance. At this price, the goods supplied are equal to what is being demanded thereby bringing about the most efficient allocation of the goods. An efficient allocation of goods in market is one in which no one can be made better off unless someone else in made worse off.
The "law of demand" works if....
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Which one of the following information is found in the ads?
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Luis Lionel Andres Messi, born June 24, 1987, is an Argentina football player for F.C Barcelona. He is not very tall, mainly, due to the a growing problem he had when he was younger. His eyes are brown. He never has short hair..
Lionel Messi started playing football at a very early age in his hometown's Newell's Old Boys. From the age of 11, he suffered from a hormone deficiency and as Lionel's parents were unable to pay for the treatment in Argentina, they decided to move to Barcelona, Spain.
In the 2003-2004 season, when he was still only 16 years old, Messi made his first team debut in a friendly with Porto that marked tbe opening of the new Dragao stadium. The following championship-winning season, Messi made his first appeareance in an official match on October 16, 2004, in Barcelona's derby win against at the Olympic Stadium (0-1). And now, in. 2010, 2011, and 2012 he is best player in the world with collect 3 Ballon D'Or.
What is the main idea of the third paragraph?
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A tsunami is a series of ocean waves that sends surges of water, sometimes reaching heights of over I 00 feet (30.5 meters), onto land. These walls of water can cause widespread destruction when they crash ashore.
These awe-inspiring waves are typically caused by large, undersea earthquakes at tectonic plate boundaries. When the ocean floor at a plate boundary rises or falls suddenly, it displaces the water above it and launches the rolling waves that will become a tsunami.
Most tsunami, about 80 percent, happens within the Pacific Ocean's "Ring of Fire," a geologically active area where tectonic shifts make volcanoes and earthquakes common.
Tsunamis may also be caused by underwater landslides or volcanic eruption. They may even be launched, as they frequently were in Earth's ancient past, by the impact of a large meteorite plunging into an ocean.
Tsunamis race across the sea at up to 500 miles (805 kilometers) an hour-about as fast as a jet airplane. At that pace they can cross the entire expanse of the Pacific Ocean in less than a day. And their long wavelengths mean they lose very little energy along the way.
A tsunami's trough, the low point beneath the wave's crest, often reaches shore first. When it does, it produces a vacuum effect that sucks coastal water seaward and exposes harbor and sea floors. This retreating of sea water is an important warning sign of a tsunami, because the wave's crest and its enormous volume of water typically hit shore five minutes or so later. Recognizing this phenomenon can save lives.
A tsunami is usually composed of a series of waves, called a wave train, so its destructive force may be compounded as successive waves reach shore. People experiencing a tsunami should remember that the danger may not have passed with the first wave and should await official word that it is safe to return to vulnerable locations.
Some tsunamis do not appear on shore as massive breaking waves but instead resemble a quickly surging tide that inundates coastal areas.
From the text, we know that Tsunami can be very destructive because...
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A tsunami is a series of ocean waves that sends surges of water, sometimes reaching heights of over I 00 feet (30.5 meters), onto land. These walls of water can cause widespread destruction when they crash ashore.
These awe-inspiring waves are typically caused by large, undersea earthquakes at tectonic plate boundaries. When the ocean floor at a plate boundary rises or falls suddenly, it displaces the water above it and launches the rolling waves that will become a tsunami.
Most tsunami, about 80 percent, happens within the Pacific Ocean's "Ring of Fire," a geologically active area where tectonic shifts make volcanoes and earthquakes common.
Tsunamis may also be caused by underwater landslides or volcanic eruption. They may even be launched, as they frequently were in Earth's ancient past, by the impact of a large meteorite plunging into an ocean.
Tsunamis race across the sea at up to 500 miles (805 kilometers) an hour-about as fast as a jet airplane. At that pace they can cross the entire expanse of the Pacific Ocean in less than a day. And their long wavelengths mean they lose very little energy along the way.
A tsunami's trough, the low point beneath the wave's crest, often reaches shore first. When it does, it produces a vacuum effect that sucks coastal water seaward and exposes harbor and sea floors. This retreating of sea water is an important warning sign of a tsunami, because the wave's crest and its enormous volume of water typically hit shore five minutes or so later. Recognizing this phenomenon can save lives.
A tsunami is usually composed of a series of waves, called a wave train, so its destructive force may be compounded as successive waves reach shore. People experiencing a tsunami should remember that the danger may not have passed with the first wave and should await official word that it is safe to return to vulnerable locations.
Some tsunamis do not appear on shore as massive breaking waves but instead resemble a quickly surging tide that inundates coastal areas.
Why did the author write the report?
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Galileo Galilei (1564-1642) - Astronomer and Scientist. Galileo developed a superior telescope and made many significant discoveries in astronomy. He was sentenced to life imprisonment by the inquisition for his support for the Copernican theory that the sun was at the centre of the solar system.
Galileo was born in Florence, Italy in 1564 to a poor but noble family. His parents recognized their child's innate intelligence and talents and so made sacrifices to have him educated. At his father's insistence, Galileo studied the profitable career of medicine. But, at the University of Pisa, Galileo became fascinated in a wide range of subjects. He was also critical of many of Aristotle's teaching which had dominated education for the past 2,000 years.
Galileo was appointed to be a mathematics professor at the University of Pisa, but his strident criticisms of Aristotle left him isolated among his contemporaries. After three years of persecution, he resigned and went to the University of Padua, where he taught maths. His entertaining lectures attracted a large following and he was able to spend the next 18 years pursuing his interest in astronomy and mechanics.
"His parents recognised their child`s innate intelligence and talents and so made sacrificed to have him educated." (Paragraph 2)
The underlined word is closets in meaning to...
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Galileo Galilei (1564-1642) - Astronomer and Scientist. Galileo developed a superior telescope and made many significant discoveries in astronomy. He was sentenced to life imprisonment by the inquisition for his support for the Copernican theory that the sun was at the centre of the solar system.
Galileo was born in Florence, Italy in 1564 to a poor but noble family. His parents recognized their child's innate intelligence and talents and so made sacrifices to have him educated. At his father's insistence, Galileo studied the profitable career of medicine. But, at the University of Pisa, Galileo became fascinated in a wide range of subjects. He was also critical of many of Aristotle's teaching which had dominated education for the past 2,000 years.
Galileo was appointed to be a mathematics professor at the University of Pisa, but his strident criticisms of Aristotle left him isolated among his contemporaries. After three years of persecution, he resigned and went to the University of Padua, where he taught maths. His entertaining lectures attracted a large following and he was able to spend the next 18 years pursuing his interest in astronomy and mechanics.
According the biography, why did Galileo Galilei resign from his teaching job at the University of Pisa?
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The Dangers of Typing SMS while Driving
The popularity of mobile devices has had some dangerous consequences. We know that mobile communications are linked to a significant increase in distracted driving which results in injury and loss of life.
The National Highway Traffic Safety Administration reported that in 2010 driver distraction was the cause of 18 percent of all fatal crashes - with 3,092 people killed - and crashes resulting in an injury - with 416,000 people wounded.
The Virginia Tech Transportation Institute found that text messaging creates a crash risk 23 times worse than driving while not distracted.
Eleven percent of drivers aged 18 to 20 who were involved in an automobile accident and survived admitted they were sending or receiving texts when they crashed. Distracted driving endangers life and property and the current levels of injury and loss are unacceptable.
What does the passage tell us about the writter`s opinion on the issue at hand?
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A kangaroo is an animal found only in Australia. It has a small relative called a wallaby, that lives in Tasmania and New Guinea. Kangaroos eat grass and plants. They have short front legs, long and strong back legs and a tail. These are used to sit up and jump. Kangaroos are well known for their 8-meter forward jumps and more than 3-meters high leap across fences. They can also run at the speed of over 45 kilometers per hour. The largest kangaroos are the Great Grey Kangaroos and Red Kangaroos. Adult kangaroos grow to a meter in length and 90 kilos in weight. Kangaroos are marsupials. This means that the female kangaroo has an external pouch on the front of her body. The baby kangaroo is very tiny when it was born. It right away crawls into its mother's pouch where it spends the first five months of its Life.
Adapted from Peter Haddock Ltd, Ref.083
Look at the underlined word 'pouch'. Which of the following words is closest in meaning to it?
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A kangaroo is an animal found only in Australia. It has a small relative called a wallaby, that lives in Tasmania and New Guinea. Kangaroos eat grass and plants. They have short front legs, long and strong back legs and a tail. These are used to sit up and jump. Kangaroos are well known for their 8-meter forward jumps and more than 3-meters high leap across fences. They can also run at the speed of over 45 kilometers per hour. The largest kangaroos are the Great Grey Kangaroos and Red Kangaroos. Adult kangaroos grow to a meter in length and 90 kilos in weight. Kangaroos are marsupials. This means that the female kangaroo has an external pouch on the front of her body. The baby kangaroo is very tiny when it was born. It right away crawls into its mother's pouch where it spends the first five months of its Life.
Adapted from Peter Haddock Ltd, Ref.083
Which of these statement is contrary to the fact?
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