Economia Ingles

1- Examine the graph and fill in the four empty boxes with the name of the appropriate concept.
2- Read the following text and fill in the gaps with the appropriate words:
ATTENTION!!! HINT!!!!Some of the following words might be very useful:
Price – Profit – Elasticity – Revenues – Quantity – Equilibrium – Shift – Exchange – Movement – Incentive – Reach
Rise / Fall – Increase / Decrease– Demand / Supply – Shortage / Surplus – Demanded / Supplied – Big / Small – Bigger / Smaller – Biggest / Smallest - High / Low – Higher / Lower – Highest / Lowest

In this market, equilibrium isreached when quantity exchanged is 18 and price is 150. If price decreases, quantity supply decreases as well. On the contrary, quantity demanded increases when price decreases. When price is 115, thereis excess demand.
For prices higher than 150, there would be a surplus in the market, because quantity supplied would be higher than quantity demanded.

Demand
Demand
Supply
Supply
1806
1806150
150
A
A
115
115
Price (€)
Price (€)

C
C
B
B

26
26
12
12
Quantity (units)
Quantity (units)

From point B to point A there is a movement along the supply curve. From B to Athere is an increase in price and a _____________________ in quantity supplied.
In this market, there is a ________________________ of 14 units of product when price is 115 because then quantitydemanded exceeds quantity supply.

3- Examine the following graph and fill in the four empty boxes with the name of the appropriate concept. 1
1

Price (€)
Price (€)

Supply
Supply

E
E
E’E’
14
14
20
20
26
26
180
180

120
120

Demand
Demand

Quantity (units)
Quantity (units)

4- Take a look at the above graph and describe it as much as you can by inventing a realsituation that could be explained by these curves. Use the vocabulary that you’ve learnt in this unit.
5- According to the data provided by the graph, calculate the price-elasticity of the...