- •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 prepositions
1. The output …an industry is the sum … the outputs … its individual firms.
2. The structure … a market is a description … the behaviour … buyers and sellers … that market.
3. It is useful … establish two opposite cases …. which all other types … market structure must lie.
4. … a perfectly competitive market buyers and sellers consider their own decisions … having no effect … the market price.
5.A monopolist is considered ... be the only seller or potential seller … the good that industry.
2. Read each statement given and decide which of the following is not true
1. A monopsonist is the only seller or potential seller of the good in the industry.
2. The decision-maker realizes that general public act on the assumption that their actions will have no effect on the market price.
3. Any buyer plans his or her budget on the assumption that market prices are given and cannot be affected by the quantities he or she chooses.
4. Changes in market conditions that affect all firms and consumers change the equilibrium price.
5. Under perfect competition firms cannot make decisions that treat the price as independent of their own actions.
3. Make up questions to the following sentences
1. Each individual neglects any feedback from his own actions to market price.
2. They cannot regard themselves as pricetakers.
3. A monopsonist is the only buyer or potential buyer of the good in that industry.
4. An economist would not call Ford and Renault perfectly competitive.
5. The structure of a market is a description of the behaviour of buyers and sellers in that market.
4. Answer the following questions
1. What is an industry?
2. What does a number of firms in an industry depend on?
3. What are the two limiting cases of a market structure?
4. Do any actions of individuals have effect on the market price in case of changes in market conditions?
5. What is the assumption any consumer makes a budget line on?
6. Why cannot we call Renault or Ford perfectly competitive?
7. What must each large company take account of?
8. When do individuals make decisions that can treat the price?
5. Write a summary to the text above
Speaking
1.Talk to your partner and give the example of firms that cannot regard themselves as pricetakers and explain why it happens.
2.Work with your partner and make a short dialogue about an individual that neglects any feedback from his own actions to market price.
Section 2. Perfect Competition
Key vocabulary
1. Read and remember the following words
plausible – правдоподобный, достоверный
trivial – мелкий, незначительный
sensible – целесообразный, практичный
sole - единственный, исключительный
discretion - проницательность, прозорливость, осторожность,
осмотрительность, благоразумие
output - продукция, выпуск, выработка
OPEC – Organization of Petroleum Exporting Countries – Организация стран-
экспортеров нефти
cohesive – связанный, сплоченный, образующий единое целое
relevance – значимость, существенность, важность
price-taking firm – фирма – ценополучатель
prohibitive - чрезмерно, непомерно высокий
revenue – доход, выручка
enormous – громадный, гигантский, обширный, огромный
profound - полный, совершенный
rule out - исключать
thereby - таким образом
сonversely - наоборот
move up – увеличение