- •Section 1. Individual and society Key vocabulary
- •1. Read the following words
- •2. Read and translate the groups of words given
- •3. Remember the words given
- •1. Make up sentences using the following words
- •2. Fill in the blanks with prepositions
- •3. Fill in the gaps with the verbs given in brackets
- •4. Response on the following
- •5. Make up questions to the following sentences.
- •Speaking
- •1. Work in pairs. Discuss the underlying problem of Economics.
- •2. In groups, define why a high standard of living is impossible without a cooperation of large numbers of people. Section 2. Scarcity and choice Key vocabulary
- •1. Learn the following words and word combinations by heart
- •Read and translate the groups of words give
- •1. Listen, read and translate the text
- •1. Define the main idea of each passage in the text
- •2. Scan the text again and define the three basic choices to be made.
- •3. Match the words from the text with corresponding definitions
- •4. Fill in the gaps
- •5. Join the sentence halves below
- •Chapter 2. Economic system Section 1. The Role of the Market Key vocabulary
- •1. Read the following words
- •The role of the market
- •5. Fill in the blanks with the correct forms of the verbs given in brackets
- •Section 2. The Command Economy, the Free Market Economy and the mixed economy
- •Translate and remember the following word combinations
- •Find the English equivalents to the following word expressions
- •1. Listen, read and translate the text the command economy, the free market economy, the mixed economy
- •Read sentences and decide if they are right or wrong according to the text
- •2. Answer the questions
- •Find the Russian equivalents to the following English word combinations
- •1. Listen, read and translate the text
- •Speaking
- •Section 2.What is microeconomics? Key vocabulary
- •2. Find the equivalents to the following word combinations
- •3. Give the English for the following
- •Listen, read and translate the text
- •1. Join the sentence halves below
- •Match the terms and their definitions
- •3. Answer the following questions for general understanding
- •4. Translate into Russian
- •Chapter 4. Demand and supply, and the Market Section 1. The Market Key vocabulary
- •The market
- •1. Answer the following questions for general understanding
- •2. Match the word and the definition
- •3. Translate into Russian
- •5. Look through the text once again and write a summary using the clichés above.
- •1.Read and remember the following words
- •2. Read and translate the groups of words given
- •3. Translate the word combinations given from Russian into English
- •4. Translate the word expressions given and in simple words explain their meanings
- •1. Listen, read and translate the text
- •1. Fill in the blanks with the correct forms of the verbs given in brackets
- •2. Make up questions to the following sentences
- •3. Answer the following questions for general understanding
- •4. Read each statement given and decide which of the following is not true
- •5.Writing a summary is an useful activity to prepare for any oral task such as retelling or discussion. Here are some clichés to compose a summary:
- •6. Look through the text once again and write a summary using the clichés above Speaking
- •2. Work in small groups. Think about examples of storable commodities, decide whether it is necessary in some economies to stock them and present your ideas to the class.
- •3. Make a brief report on the subject: “Demand and supply, and the Market” Chapter 5. Competition Section 1. The Limiting Cases of Market Structure
- •1.Read and remember the following words
- •Match each expression with its meaning
- •3. Read and translate the groups of words given
- •Listen, read and translate the text
- •1. Fill in the blanks with prepositions
- •2. Read each statement given and decide which of the following is not true
- •3. Make up questions to the following sentences
- •4. Answer the following questions
- •Key vocabulary
- •2. Translate the word combinations given from English into Russian
- •3. Make nouns of these verbs
- •1. Listen, read and translate the text
- •1. Match the terms and their definitions
- •Join the halves of the sentences below
- •Make up questions to the following sentences
- •4. Answer the following questions
- •1. Talk to your partner and give one or two examples of a perfectly competitive market where neither buyers nor sellers believe that their own actions affect the market price.
- •2. So you are aware now that each firm in a competitive industry faces a
- •Section 3. Competition in World Markets Key vocabulary
- •1. Make up sentences using the following words
- •2. Fill in the gaps with the verbs given in brackets
- •Speaking
- •Section 4. Oligopoly Key vocabulary
- •2. Guess the meaning of the following word combinations from the text
- •1. Listen, read and translate the text Oligopoly
- •Language practice
Chapter 4. Demand and supply, and the Market Section 1. The Market Key vocabulary
1.Read and remember the following words
demand – спрос
supply - предложение
arrangement – устройство, организация
adopt - приспосабливать
stall – ларек, прилавок, лавка, киоск, палатка
operate – работать, функционировать, управлять, действовать
on behalf of – от имени
superficially - поверхностно
ensure – обеспечивать, гарантировать
interaction – взаимодействие
2. Find equivalents in Russian
resource allocation, stock the shelves, make a purchase, antique auctions,
to perform the same economic function, to be considered separately, greatly exceed, guide society
Give English for the following
посредник, осуществлять коммерческую сделку, предоставить потребителям выбор, назначать цену, определять цены, установление, модель типичного рынка, поведение продавцов, поведение покупателей.
Text
Listen, read and translate the text
The market
We defined markets in a very general way as arrangements through which prices guide resource allocation. We now adopt a narrower definition.
A market is a set of arrangements by which buyers and sellers are in contact to exchange goods or services.
Some markets (shops and fruit stalls) physically bring together the buyer and the seller. Other markets (the London Stock Exchange) operate chiefly through intermediaries (stockbrokers) who transact business on behalf of clients. In supermarkets, sellers choose the price, stock the shelves, and leave customers to choose whether or not to make a purchase. Antique auctions force buyers to bid against each other with the seller taking a passive role.
Although superficially different, these markets perform the same economic function. They determine prices that ensure that the quantity people wish to buy equals the quantity people wish to sell. Price and quantity cannot be considered separately. In establishing that the price of a Rolls-Royce is ten times the price of a small Ford, the market for motor cars simultaneously ensures that production and sales of small Fords will greatly exceed the production and sale of Rolls-Royces. These prices guide society in choosing what, how, and for whom to purchase.
To understand this process more fully, we require a model of a typical market. The essential features on which such a model must concentrate are demand, the behaviour of buyers, and supply, the behaviour of sellers. Then it is possible to study the interaction of these forces to see how a market works in practice.
Language practice
1. Answer the following questions for general understanding
1.What is a definition of a market?
2.What are the types of markets?
3.What is the function of a market?
4.What is a major motive for consumers to buy?
5. What are the essential features of a market?
2. Match the word and the definition
market |
one that offers for sale |
buyer |
the act or process of substituting one thing for another |
seller |
the creation of utility; esp: the making of goods available for use |
production |
the area of economic activity in which buyers and sellers come together and the forces of supply and demand affect prices |
exchange |
An individual acquiring possession, ownership, or rights to the use by payment |