- •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. Match the terms and their definitions
1.curve |
a) a thing that takes the place or function of another |
2.substitute |
b) the quantity of a commodity or service wanted at a specified price and time |
3.supply |
c) depending for effectiveness on the relative concentration of two or more substances |
4.demand |
d) a line defined by an equation so that the coordinates of its points are functions of a single independent variable or parameter |
5.competitive |
e) the quantities of goods or services offered for sale at a particular time or at one price |
Join the halves of the sentences below
1. A perfectly competitive industry |
a) that his own actions have no effect on market price. |
2. There must be a large number of firms in the industry |
b) to be considered as perfectly competitive industry. |
3. The firms must be making a reasonably standard product |
c) must have many buyers and many sellers. |
4. In a perfectly competitive market everyone believes |
d) so that each is trivial relative to the industry as a whole. |
5. In a perfectly competitive industry all firms must be making essentially the same product, |
e) free entry and exit. |
6. One more crucial characteristic of a perfectly competitive industry |
f) for which they must all charge the same price. |
Make up questions to the following sentences
1. Both buyers and sellers believe their own actions affect the market price.
2. Firms in a perfectly competitive industry face a flat demand curve, that being the crucial feature.
3. Even if the car industry had a large number of firms it would not be sensible to view it as a competitive industry.
4. Buyers know that products of different firms in a competitive industry really are identical.
4. Answer the following questions
1. What could a perfectly competitive industry be described as?
2. How does a demand curve look like in a perfectly competitive industry?
3. How many industry characteristics must an economist have in mind?
4. What kind of firms must there be in a competitive industry?
5. What kind of product must the firms produce to be viewed as competitive ones in an industry?
6. What is the third important characteristic of a perfectly competitive industry?
7. Why is it impossible to restrict supply collectively?
8. What is the fourth crucial characteristic of perfect competition?
Speaking
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
horizontal demand curve for its product at the going market price. To be a reasonable description of the demand conditions facing a firm, the industry must have four characteristics:
(1) many firms, each trivial relative to the industry as a whole;
(2) a standardized or homogeneous product, so that it is legitimate to examine the industry as a whole rather than a series of sub-industries each with many fewer firms;
(3) perfect customer information about product quality so that buyers recognize that the identical products of different firms really are the same;
(4) free entry and exit so there is no incentive for existing firms to collude.
Think of the example of some firms and prove they are really perfectly competitive ones using the four characteristics given above.