Taller de comprensión de lectura sobre términos técnicos sobre oferta y demanda

Lea con atención el texto “Supply and Demand”, que se encuentra en el objeto de
aprendizaje de la Actividad de Proyecto 4, y conteste:
1. Match the Word with the corresponding meaning:
a. Supply __C___Expensive
b. Demand __B___Desire to buy any product
c. High price __D___All people
d. Mass market __E___The lifetime of goods and services.
e. Life cycle __A___Disposition to offer products
2. According to the text, mention the things people take into account to determine the
demand.
in the following table I mention the things that people take into account to determine the
demand.

1. Tastes or 2. Number of 3. Income 4. Consumer 5. Price of

preferences consumers expectations related goods
Consumers A large quantity When income Purchasers are There are two
may demand of buyers rises, the interested in kinds of related
for an item one carries to an quantity satisfying their goods that can
year and ignore increase in demanded will consumption affect the
it the next. demand; a rise too. When regarding demand:
small quantity income falls, quality as the substitutes (for
of buyers the demand of most important example, butter
carries to a that product will factor. Likewise, and margarine)
decrease fall too (Franny the lead price and
(Franny Chan Chan website). has an effect on complementary
website). the potential (toys and
increase of the batteries).
consumer´s
final decision.

3. Write F for false or T for true

a. Production cost depends on Technology
F ( ) V (X)
b. As greater the expectations are, the lower will be the offer from the companies.
F (X ) V ( )
c. One of the four Ps of marketing mix is Package
F (X) V ( )
d. Price is the amount a customer pays for the product
F ( ) V (X)
e. Planning is to transform and develop marketing objectives to marketing strategies
F ( ) V (X)
4. Answer the following questions
a. What is Benchmarking?
Benchmarking is the procedure o f determining who the best one is. It is an amount o f the
quality o f company’s products, policies, programs, tactics, etc., and their contrast with
standard measurements, or similar amounts of others.
It is, also, the continuous systematic process for evaluating the companies that are
recognized as best-in-class, for the following purposes:
• Establishing priorities, target, goals
• Developing product and process objectives
• Meeting or surprising industry best practices
Objectives of benchmarking
• To define where and what improvements are requested
• To investigate how other organizations reach their high performance levels
• To use this information to improve the measurement o f the results
b. What is the process of Benchmarking?
1. Planning It is the plan for running the benchmarking investigation.
2. Analysis After analyzing the information, it obtains a basis for comparison.
3. Integration Develop aims and incorporate them into the benchmarked process.
4. Action It refers to the action plans necessary to achieve the objetives decided in step 3.
c. Number the aspects to be taken into account in Benchmarking:
Product It is the thing produced by labor or effort.
Price It refers to the quantity of payment or compensation given by one party to another in
return for goods or services.
Sales systems It is a set of principles, processes, strategies and tools that are put into place
to bring the company results day-in and day-out.
Payment systems It is used for transferring money include debit cards, credit cards, and e-
commerce payment systems.
Advertising It is a form of communication used to encourage or persuade an audience to
continue or take some new action.
Promotion It refers to the communications with the public in an attempt to influence them
toward buying your products and/ or services.
Location It is a place where something is or could be located.
Organization It is a social unit of people systematically structured and managed to meet a
need or to pursue collective goals on a continuing basis.
Planimetry It is the measurement of plane surfaces; for example, the determination of,
angles, horizontal distances and areas on a map.
5. Write the vocabulary (20 words) from the reading, and make a Glossary: Organize
the words in alphabetic order and write the meaning of each word.
Benchmarking:
is the procedure to determine who is the best. That it is a quantity of the quality of the
products, policies, programs of the company, tactics, etc., and its contrast with standard
measurements, or similar quantities of others.
Consumers:
(person) That consumes goods and products in a market society. "a consumer service
office, the consumer will have no choice but to accept the increase in the price of fuels"
Company:
Entity in which capital and labor intervene as factors of production of industrial or commercial
activities or for the provision of services.
Deal:
Occupation, activity or work that is done to obtain a benefit, especially the one that consists
in carrying out commercial operations, buying and selling goods or services.
Demand:
it refers to desire, capacity and disposition of consumers to buy any product.
Goods:
(assets) Set of properties or riches that belong to a person or group. "He bequeathed all his
property to his children, a lawyer administered the assets of the family"
Income:
(income) Amount of money earned or collected. "family income was drastically reduced with
their dismissal, the company allocates 0.7% of income as aid to victims of the earthquake"
Industry:
Economic and technical activity that consists of transforming the raw materials until turning
them into suitable products to satisfy the needs of man. "The steel industry has suffered a
major setback due to the lack of government support"
Location:
Situation or place where something is found. "The location of the new building is still being
discussed"
Marketing:
Set of techniques and studies that aim to improve the marketing of a product.
"Marketing studies are fundamental for the commercial launch of a product"
Objectives:
End to be achieved and to which an action is directed. "My goal is to realize this business,
the objective of the company is to meet your needs"
Organizational Policy:
It is the orientation or guideline that should be disclosed, understood and followed by all the
members of the organization, in which the norms and responsibilities of each area of the
organization are contemplated.
Price:
Amount of money that allows the acquisition or use of a good or service.
Product:
Thing produced naturally or artificially, or the result of a job or operation. "Yogurt is a dairy
product obtained from the fermentation of milk, all he said he saw was the product of his
imagination, ancient cities, as a product of history, could not be put as an example of rational
constructions"
Production:
Manufacture or elaboration of a product through work. "more production, chain production,
this factory is dedicated to the production of footwear"
Promotion:
Action to promote a person, a product, a service, etc. "tourism promotion, promotion of
young values, advertising agencies are responsible for the promotion of commercial
products"
Quality:
Set of inherent properties to a thing that allows to characterize it and value it with respect to
the rest of its species. "of good quality, of poor quality, this fruit is of excellent quality"
Service:
Organization, with its personnel and means, which is responsible for carrying out work that
meets certain needs of a community. "cleaning service; medical service"
Supply:
it's related to capacity and the willingness of producers to We offer products for sale.
Technology:
Set of instruments, technical resources or procedures used in a certain field or sector.
6. Write a ten lines text that summarizes the topic of the activity.

According to what has been done, we can summarize or conclude the term demand refers to
the quantity of goods or services that are requested or desired in a specific market of an
economy at a specific price. Offer, refers to the amount of goods, products or services
offered in a market under certain conditions. In the markets, buyers reflect their desires in
demand and sellers seek profits by offering products that consumers or buyers are looking
for; that is, they are demanding. This demand and supply of goods act as forces that allow
determining the prices with which goods are exchanged. If we assume that the two previous
graphs correspond to the demand curve and the supply curve of the same good, we could
superimpose both curves on a single graph and find that they intersect at a point. This point
is known as the equilibrium point of the market for the good under study. At this point, both
buyers and sellers agree on the amount that is bought or sold, as well as on the price.