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Скачати одним файлом. Книга: Англійська для економістів - Гаращенко
20 Aggregate supply
In general, businesses would like to produce at full capacity and sell all their output at high prices. However, in certain circumstances, prices and spending levels may be depresses so businesses might find they have excess capacity. Under other conditions, such as during a wartime boom, factories may be operating at capacity as businesses scramble to produce to meet all their orders.
Aggregate supply depends on the price level that businesses can charge as well as on the economy’s capacity or potential output. But what determines potential output? Potential output is determined by the availability of productive inputs (labour and capital being the most important) and the efficiency with which these inputs are combined (that is, the technology of the society).
National output and the overall price level are determined by the twin blades of the scissors of aggregate supply and demand.
Aggregate supply curve shows the relationship between the output firms would willingly supply and the aggregate price level, other things equal. The AS curve tends to be vertical at potential output in the very long run but may be relatively flat in the short run.
Vocabularyprice level – рівень ціни
the productive capacity of the economy – виробнича потужність економіки
the level of the costs – рівень витрати
in certain circumstances – за певних обставин
to depress – понижувати, ослабляти
excess capacity – надмірна потужність
wartime boom – пожвавлення, викликане війною
to scramble – боротися
productive inputs – виробничі фактори
twin blades of the scissors – палиця з двома кінцями
aggregate supply curve – крива сукупної пропозиції
flat – рівний, плоский
І. Complete the sentences using the text:1. Aggregate supply refers to … .
2. Aggregate supply depends upon … .
3. In certain circumstances, prices and spending levels may be … .
4. Potential output is determined by … .
5. National output and the overall price level are determined by ….
6. Aggregate supply curve shows … .
II. Answer these questions, basing your answers on the text:1. What does aggregate supply refer to?
2. What does aggregate supply depend upon?
3. In general, businesses would like to produce at full capacity and sell their output at high prices, wouldn’t they?
4. What is potential output determined by?
5. What does aggregate supply curve show?
6. What is the AS curve in the short run?
7. What is the AS curve in the long run?
III. Say whether these statements are true or false and if they are false, say why.1. Aggregate supply refers to the total value of goods and services that firms would willingly produce in a given time period.
2. Aggregate supply is a function of available inputs, technology, and the price level.
3. Businesses would like to produce at full capacity and sell their output at high prices.
4. Aggregate supply depends primarily upon potential output.
5. Potential output is determined by the efficiency of labour only.
6. National output and the overall price level are determined by aggregate supply and demand.
7. In the long run AS curve is vertical and indicates that businesses will supply potential output whatever the level of prices.
8. In the short run, because of the inflexibility of rages and prices, the AS curve is upward-sloping, showing that businesses will supply more output at a higher price level.
Книга: Англійська для економістів - Гаращенко
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