- •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
1. Fill in the blanks with the correct forms of the verbs given in brackets
1.Demand….the quantity of a good buyers wish to purchase at each conceivable price ( to be).
2. At higher prices it…… increasingly lucrative to supply chocolate bars and there …. a corresponding increase in the quantity of bars that ….. . ( to become, to be, to be supplied).
3. At any particular instant, the market price….. not ……( may, to be) the equilibrium price.
4. There …,, a shortage, what we ,,,,,, excess demand ( to be, to call).
5. Then we …. ….. how the price …… to balance the quantities supplied and demanded (must, to examine, adjust).
2. Make up questions to the following sentences
1. Demand is a full description of the quantity of chocolate the buyer would purchase at each and every price which might be charged.
2. Supply is the quantity of a good sellers wish to sell at each conceivable price.
3. Even when chocolate is free, only a finite amount will be wanted.
4. A campaign by dentists warning of the effect of chocolate on tooth decay, or a fall in household incomes, would change the 'other things' relevant to the demand for chocolate.
5. Cheaper cocoa beans, or technical advances in packaging chocolate bars, would change the 'other things' relevant to the supply of chocolate bars.
3. Answer the following questions for general understanding
l. What is demand?
2. What is supply?
3. What is the distinction between demand and quality demanded? 4. What is the distinction between supply and quality supplied?
5. How could you explain the notion “other things equal”?
6. What is “equilibrium price”?
7. Why are markets called self- correcting?
4. Read each statement given and decide which of the following is not true
1. Supply is a concept of macroeconomics.
2. Economists differ from bookkeepers and tax gatherers because they include also opportunity costs.
3. The shape of the supply curve provides specialist with the information on elasticity of supply and the reflection of the shareholder.
4. The supply curve is a line on a diagram where the vertical axis measures price and the horizontal axis is quantity.
5. Bountiful crops are a cause of increase in supply.
6. Improvements in technology and changes in input prices and productivities are the main causes of the changes in elastic demand.
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:
- the main aim of the text is ….
the article begins with…
the text under consideration points out….
in the text emphasis is also given to…
in conclusion the text reads….
6. Look through the text once again and write a summary using the clichés above Speaking
1. There are exceptions to the law of demand. The best-known exception is the Giffen effect – a consumer buys more, not less, of a commodity at higher prices when a negative income effect dominates over the substitution effect. Another is the Veblen effect – some commodities are theoretically wanted solely for their higher prices. The higher these prices are, the more the use of such commodities fulfills the requirements of conspicuous consumption, and thus the stronger the demand for them.
Work in small groups and think of the examples of «conspicuous consumption».