law of supply and demand

English vocabulary used to talk about economics and business.
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kimkyounghee
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Joined: Tue Mar 08, 2005 11:06 am

law of supply and demand

Post by kimkyounghee »

If they are workers, there are more of them seeking jobs than there are jobs available. Therefore wages go down. Those are the simple laws of supply and demand.
from Making Peace

1. If workers want to get a job available the wages will be go gown because of competition. This is very simple and important law of econmy principle.

2. This law of supply and demand can apply to every field of economy. The price is affected by supply and demand. For example, supply will go up the price will be down because of competition between suppliers.

DavidB
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Re: law of supply and demand

Post by DavidB »

kimkyounghee wrote:
If they are workers, there are more of them seeking jobs than there are jobs available. Therefore wages go down. Those are the simple laws of supply and demand.
from Making Peace

1. If workers want to get a job available the wages will be go gown because of competition. This is very simple and important law of econmy principle.

2. This law of supply and demand can apply to every field of economy. The price is affected by supply and demand. For example, supply will go up the price will be down because of competition between suppliers.
The sentence you quoted sounds funny. I think this sounds better:
If there are more workers than jobs, wages will go down. Those are the simple laws of supply and demand.
The last sentence you wrote might sound better like this:
If the supply goes up, the price will go down because of competition.

kimkyounghee
Posts: 10
Joined: Tue Mar 08, 2005 11:06 am

Post by kimkyounghee »

I suppose rewriting the sentence differently would help readers understand the those sentences. However, that idea was kind of confusing to being with.

DavidB
Posts: 136
Joined: Mon Apr 18, 2005 7:32 am
Location: Seattle
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Post by DavidB »

kimkyounghee wrote:I suppose rewriting the sentence differently would help readers understand the those sentences. However, that idea was kind of confusing to being with.
If you really want to impress an English speaker, tell there's an INVERSE RELATIONSHIP between workers and salaries. Reverse means to go backward, and inverse means opposite (in this case, at least).

So if there's an inverse relationship between workers and salaries, MORE workers mean SMALLER salaries.

We could also say there's sometines an inverse relationship between exercise and weight. The MORE a person runs, the LESS they weigh.

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inverse and reverse relation?

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DavidB
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Re: inverse and reverse relation?

Post by DavidB »

letsgroove7 wrote:Could you tell me more about Inverse and reverse relation?

thanks :D
Actually, I think inverse and reverse mean the same thing. They're both the opposite of a DIRECT relationship. But instead of calling it an INDIRECT relationship or a REVERSE relationship, we call it an INVERSE relationship.

Actually, I think there are three basic types of relationships that can be plotted on graphs.

1) Direct relationship - When one factor increases, the other increases, too. For example, as it gets hotter, it also gets drier.

2) Inverse relationship - When one factor increases, the other decreases. For example, as the number of available workers increase, salaries decrease.

3) No relationship, indirect relationship, unpredictable relationship, etc. - As rain increases, farm products should increase, but flooding could also cause them to decrease. So you might get a graph with a line that goes up and down, rather than a straight line that goes up or down.

The third example could be kind of confusing. I just wanted to make the point that not every relationship can be classified as DIRECT or INVERSE. There are all sorts of relationships.

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