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Supply and Demand
The backbone of any economy are producers. They are represented by enterprises or firms. The aim of producers is to supply goods and services, seek profits, and compete successfully with one another. To j create the goods and services they sell, producers transform inputs into outputs. Three factors of production are needed to make goods and services. They are labour, capital, and natural resources. Every economy faces the problem of what, how and for whom to produce. In market economies the problem is solved by the market thanks to the law of supply and demand. The law states that the imbalances in the market between the quantity of the goods that buyers want to purchase and the quantity that producers want to sell tend to be corrected by changes in prices. Other things being equal1, people tend to increase their purchases of a good or service when its price goes down, and to cut back on purchases when prices go up. Producers tend to respond to a rise in price by increasing their output. Together, changes in supply and demand act to correct temporary shortages or surpluses. When there is a shortage, producers see a chance to increase the supply and to make an extra profit. Whenever people who are willing to sell a commodity contact people willing to buy it, a market for that commodity is created. In a perfect market, buyers and sellers are numerous and competition is completely free. In some markets there may only be one seller or a very limited number of sellers to offer goods and services. Such a situation is called a "monopoly". 1 Other things being equal... — При равенстве прочих условий... (самостоятельный причастный оборот, см. Unit 5)
JOB you like Most people unfortunately never find their passion and sense of purpose. Hence, to many "work" is just a grind to pay the obvious bills and to keep or obtain a certain standard of living. if you choose a profession which has real meaning and purpose to you, then your perception of work will change. Perception is everything and not just in work. If your profession is a passion, then you will find joy and pleasure in the tasks you execute, and know that what you do has value and meaning for your self as well as those around you. It is also not a question or money or financial reward. No one is adverse to a solid income or even to be wealthy. These points are side effects or results. The true satisfaction is within your self. Picasso never retired. Einstein thrilled to his tasks throughout his life. Gandhi changed the history and perception of his nation as well as others across the globe. Even Steve Jobs has changed the world in which we live. Why? They loved what they did and do so with pleasure and enthusiasm to leave an indelible mark so that we no matter what we do no matter how small and wake up each day and say, "It is great to be alive".
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