{"id":2854,"date":"2012-10-16T10:53:50","date_gmt":"2012-10-16T17:53:50","guid":{"rendered":"https:\/\/magoosh.com\/gmat\/?p=2854"},"modified":"2020-01-15T10:50:24","modified_gmt":"2020-01-15T18:50:24","slug":"gmat-supply-and-demand","status":"publish","type":"post","link":"https:\/\/magoosh.com\/gmat\/gmat-supply-and-demand\/","title":{"rendered":"GMAT Supply and Demand"},"content":{"rendered":"<p>For the GMAT Verbal section, on Critical Reading and Reading Comprehension, you are not expected to have specialized expertise in the topics they discuss.\u00a0 Sometimes, though, it is particularly helpful to have general real world knowledge.\u00a0 If you make a habit of <a title=\"GMAT Reading List\" href=\"https:\/\/magoosh.com\/gmat\/gmat-reading-list\/\" target=\"_blank\" rel=\"noopener noreferrer\">reading regularly<\/a>&#8212; either a good newspaper (the <em>New York Times<\/em>, the <em>Wall Street Journal<\/em>, etc.) or the <a href=\"https:\/\/magoosh.com\/gmat\/reading-for-the-gmat-the-economist\/\">Economist<\/a> magazine&#8211; then probably you will have a very good sense of the &#8220;push and pull&#8221; of real world situations.<\/p>\n<p>If your GMAT is soon, and you don&#8217;t have time to get up to speed with everything about the practicalities of business, economics, and politics in the real world, this is the first post in a series of real-life areas you should be familiar with: knowing these can only help you interpret these verbal questions.<\/p>\n<p>Each article will have hyperlinks to articles with more information, if you find the content new or unfamiliar.\u00a0 Again, no question will automatically expect you to know any of these inside out, but insofar as you understand these, they will provide germane background, \u00a0help you interpret the question, and help you to spot unrealistic incorrect answer choices.<\/p>\n<p>Here&#8217;s the full list:<\/p>\n<ul>\n<li>Economics: Supply and Demand<\/li>\n<li><a title=\"GMAT Labor and Wages\" href=\"https:\/\/magoosh.com\/gmat\/gmat-labor-and-wages\/\" target=\"_blank\" rel=\"noopener noreferrer\">Economics: Labor and Wages<\/a><\/li>\n<li><a title=\"Inflation, Unemployment, and Interest Rates on the GMAT\" href=\"https:\/\/magoosh.com\/gmat\/inflation-unemployment-and-interest-rates-on-the-gmat\/\" target=\"_blank\" rel=\"noopener noreferrer\">Economics: Inflation, unemployment, and interest rates<\/a><\/li>\n<li><a title=\"\u201cBeyond Any Reasonable Doubt\u201d on the GMAT\" href=\"https:\/\/magoosh.com\/gmat\/beyond-any-reasonable-doubt-on-the-gmat\/\" target=\"_blank\" rel=\"noopener noreferrer\">Law: &#8220;beyond any reasonable doubt&#8221;<\/a><\/li>\n<li><a title=\"Statistical Significance on the GMAT\" href=\"https:\/\/magoosh.com\/gmat\/statistical-significance-on-the-gmat\/\" target=\"_blank\" rel=\"noopener noreferrer\">Statistics: Statistical significance<\/a><\/li>\n<li><a href=\"https:\/\/magoosh.com\/gmat\/profit-and-nonprofits-on-the-gmat\/\">Economics: Profit and Non-profits<\/a><\/li>\n<li><a href=\"https:\/\/magoosh.com\/gmat\/gmat-critical-reasoning-populations\/\">Statistics: Populations<\/a><\/li>\n<li><a href=\"https:\/\/magoosh.com\/gmat\/medical-trials-and-the-placebo-effect-on-the-gmat-critical-reasoning\/\">Statistics: Medical Trials and the Placebo Effect<\/a><\/li>\n<\/ul>\n<h2>The Law of Supply and Demand<\/h2>\n<p>This is a must-know idea if you are heading toward business school.\u00a0 If you studied business or economics in your undergrad years, supply and demand should definitely be familiar ideas.\u00a0 When a product or service is for sale in the free market, as a general rule, there are two forces determining how much it will cost.\u00a0 <a href=\"http:\/\/en.wikipedia.org\/wiki\/Demand_(economics)\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Demand<\/strong><\/a> concerns how much the potential consumers want the product or service &#8212; how willing they would be to pay a certain price for it.\u00a0 High demand means: people would simply line up to buy this product, even at a high price; low demand means that the product is hard to sell, that even lowering the price does little to spur sales of the product.\u00a0 <a href=\"http:\/\/en.wikipedia.org\/wiki\/Supply_(economics)\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Supply<\/strong><\/a> concerns how easy it is to bring a certain product or service to market: for a given price, how willing\/able would producers be to bring this product or service to the market for sale.\u00a0 High supply means: the producers easily can bring tons of it to the market. Low supply, or short supply means: \u00a0it&#8217;s harder to produce the product, and producers can&#8217;t make as many or as much as consumers would like to buy.<\/p>\n<p><strong>The <\/strong><a href=\"http:\/\/en.wikipedia.org\/wiki\/Law_of_supply_and_demand\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Law<\/strong><\/a><strong> of Supply and Demand<\/strong> says that, in a free competitive marketplace, the price will come to equilibrium at that level at which supply equals demand.\u00a0 In other words, at this equilibrium price, the producers are willing to make N units, and the consumers are willing to buy N units.\u00a0 The Law of Supply and Demand implies &#8212; as a general rule, if a product or service becomes scarcer, harder to get or provide or make &#8212; i.e. supply drops &#8212; then usually the price will rise; and if a product or service becomes more plentiful, easier to get or provide or make &#8212; i.e. supply rises &#8212;- then the price will tend to fall.\u00a0 For example, when world events threaten the supply of crude oil to the US, then the price of gas in the US rises.\u00a0 Similarly, when demand is very high, the price typically will be high, and when demand drops, usually the price will as well.\u00a0 Think of a new CD or DVD &#8212; when it&#8217;s first released, everyone wants it &#8212; it&#8217;s the new &#8220;hot&#8221; thing &#8212; and since demand is high, the price it typically high; then wait a while &#8212; a few months, or certainly a few years later &#8212; inevitably interest in the item drops, and so does the price.<\/p>\n<p>The Law of Supply and Demand is <strong>not<\/strong> a universal rule.\u00a0 There are some rare example of items that do not follow the Law of Supply and Demand, for instance, a <a href=\"http:\/\/en.wikipedia.org\/wiki\/Veblen_good\" target=\"_blank\" rel=\"noopener noreferrer\">Veblen good<\/a> or a <a href=\"http:\/\/en.wikipedia.org\/wiki\/Giffen_good\" target=\"_blank\" rel=\"noopener noreferrer\">Giffen good<\/a>.\u00a0 You do not need to know the technical details about these exceptions, but it&#8217;s good to know that there <em>are<\/em> exceptions.<\/p>\n<h2>Summary<\/h2>\n<p>Knowledge of any of this is not &#8220;required&#8221; for the GMAT, but the more familiar you are with these facts, the easier it will be to place arguments in context and identify unrealistic incorrect answer choices.\u00a0 Furthermore, if you want to demonstrate your competence in business school and beyond, it certainly would be a good idea to understand all of these things well.\u00a0 Here are a couple CR practice questions that touch tangentially on some of these ideas.<\/p>\n<p>1) <a href=\"http:\/\/gmat.magoosh.com\/questions\/3131\" target=\"_blank\" rel=\"noopener noreferrer\">CR question about Veblen goods<\/a><\/p>\n<p>2) <a href=\"http:\/\/gmat.magoosh.com\/questions\/3158\" target=\"_blank\" rel=\"noopener noreferrer\">CR question about\u00a0ytterbium<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the GMAT Verbal section, on Critical Reading and Reading Comprehension, you are not expected to have specialized expertise in the topics they discuss.\u00a0 Sometimes, though, it is particularly helpful to have general real world knowledge.\u00a0 If you make a habit of reading regularly&#8212; either a good newspaper (the New York Times, the Wall Street [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[143],"tags":[],"ppma_author":[13209],"class_list":["post-2854","post","type-post","status-publish","format-standard","hentry","category-critical-reasoning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.7 (Yoast SEO v21.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GMAT Supply and Demand - Magoosh Blog \u2014 GMAT\u00ae Exam<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/magoosh.com\/gmat\/gmat-supply-and-demand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GMAT Supply and Demand\" \/>\n<meta property=\"og:description\" content=\"For the GMAT Verbal section, on Critical Reading and Reading Comprehension, you are not expected to have specialized expertise in the topics they discuss.\u00a0 Sometimes, though, it is particularly helpful to have general real world knowledge.\u00a0 If you make a habit of reading regularly&#8212; 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Beyond standardized testing, Mike has over 20 years of both private and public high school teaching experience specializing in math and physics. In his free time, Mike likes smashing foosballs into orbit, and despite having no obvious cranial deficiency, he insists on rooting for the NY Mets. Learn more about the GMAT through Mike's Youtube video explanations.","sameAs":["https:\/\/www.youtube.com\/c\/MagooshGMATChannel\/featured"],"award":["Magna cum laude from Harvard"],"knowsAbout":["GMAT"],"knowsLanguage":["English"],"jobTitle":"Content Creator","worksFor":"Magoosh","url":"https:\/\/magoosh.com\/gmat\/author\/mikemcgarry\/"}]}},"authors":[{"term_id":13209,"user_id":26,"is_guest":0,"slug":"mikemcgarry","display_name":"Mike M\u1d9cGarry","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/6b06de81592cd77bb46aa560cc59aee179cba4d042835c3529221ea1b344cce0?s=96&d=mm&r=g","user_url":"","last_name":"M\u1d9cGarry","first_name":"Mike","description":"Mike served as a GMAT Expert at Magoosh, helping create hundreds of lesson videos and practice questions to help guide GMAT students to success. He was also featured as \"member of the month\" for over two years at <a href=\"https:\/\/gmatclub.com\/blog\/2012\/09\/mike-mcgarrys-gmat-experience\/\" rel=\"noopener noreferrer\">GMAT Club<\/a>. Mike holds an A.B. in Physics (graduating <em>magna cum laude<\/em>) and an M.T.S. in Religions of the World, both from Harvard. Beyond standardized testing, Mike has over 20 years of both private and public high school teaching experience specializing in math and physics. In his free time, Mike likes smashing foosballs into orbit, and despite having no obvious cranial deficiency, he insists on rooting for the NY Mets. Learn more about the GMAT through Mike's <a href=\"https:\/\/www.youtube.com\/c\/MagooshGMATChannel\/featured\" rel=\"noopener noreferrer\">Youtube <\/a>video explanations and resources like <a href=\"https:\/\/magoosh.com\/gmat\/whats-a-good-gmat-score\/\" rel=\"noopener noreferrer\">What is a Good GMAT Score?<\/a> and the <a href=\"https:\/\/magoosh.com\/gmat\/gmat-diagnostic-test\/\" rel=\"noopener noreferrer\">GMAT Diagnostic Test<\/a>."}],"_links":{"self":[{"href":"https:\/\/magoosh.com\/gmat\/wp-json\/wp\/v2\/posts\/2854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magoosh.com\/gmat\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magoosh.com\/gmat\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magoosh.com\/gmat\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/magoosh.com\/gmat\/wp-json\/wp\/v2\/comments?post=2854"}],"version-history":[{"count":0,"href":"https:\/\/magoosh.com\/gmat\/wp-json\/wp\/v2\/posts\/2854\/revisions"}],"wp:attachment":[{"href":"https:\/\/magoosh.com\/gmat\/wp-json\/wp\/v2\/media?parent=2854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magoosh.com\/gmat\/wp-json\/wp\/v2\/categories?post=2854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magoosh.com\/gmat\/wp-json\/wp\/v2\/tags?post=2854"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/magoosh.com\/gmat\/wp-json\/wp\/v2\/ppma_author?post=2854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}