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DetailedStudyoftheTextTextReadingSectionBLanguageFocusEconomicbubbles:Causesandconditions
TextReadingSectionBEconomicbubblesoccurwhen,foranynumberofreasons,excessiveinvestmentincommodities(suchasoil),securities(suchasstocksandbonds),realestate,orcollectiblesdrivesuppriceswellbeyondtheitem’sintrinsicvalue.Theinevitableresultofthisboominpriceisacrashorbust.Thepricefallssharplyonceitbecomesclearthatithasgrownfarbeyondthepurchasingpowerofpotentialcustomers.1Economicbubbles:Causesandconditions
TextReadingSpeculatorsriskmoneyinsuchinvestmentsbecausetheyhopethatthepriceofanassettheypurchasedwillquicklyincrease.Sincemostspeculatorsarenervousaboutwheretheyinvesttheirmoney,bubblesarebynomeansthenorm.Afterall,everyinvestmententailstheriskthatitisoverpriced.Theyalsoknowthatrisingpriceswillencourageeithergreaterproductionofacommodityorgreaterwillingnessofcurrentownerstosell.2SectionBEconomicbubbles:Causesandconditions
TextReadingSectionBEitheroftheseconditionscanserveasa“negativefeedback”mechanismthatadjustspricesdownward.Asananalogy,thinkofnegativeeconomicfeedbacklikeyoureyes.Asthelightgetsbrighter,yourpupilsgetsmallerandletinlesslight.Butwhatif,instead,youreyesworkedasa“positivefeedback”mechanism?Insunlight,yourpupilswouldopenwideanddamageyoureyes.Economicbubbles:Causesandconditions
TextReadingEconomicbubblesoccurwhenpricestrendingsharplyupwardspurpositive,ratherthannegative,feedback.Forwhateverreason(fearofshortages,greed,anexcessivelyoptimisticattitudetowardthefuture,orflawsintheanalysisofanasset’sunderlyingvalue),buyersbelievethatthevalueoftheassetwillcontinuetorise.3SectionBEconomicbubbles:Causesandconditions
TextReadingIfthepricerises,overlyenthusiasticspeculatorsbuymore,
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