- •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
Section 3. Competition in World Markets Key vocabulary
Read and remember the following words
follow suit – следовать примеру
drought [draut] – засуха
extreme - самый отдаленный, крайний
levy [levı] ( on/upon )- взимать ( налог ), облагать ( налогом ), вводить налоговые ставки
ensure - гарантировать, обеспечивать, ручаться
prohibitive - запрещающий, препятствующий
negligible - незначительный, неважный, не принимаемый в расчет,
игнорируемый
2. Translate the following word combinations from Russian into English
внутренний рынок, падение цен, крупнейший поставщик, перемещение кривой спроса, в крайних случаях, транспортные издержки, по самой низкой цене
3.Translate the word combinations given from English into Russian
affect competitive markets, to highlight this issue, trade restrictions, unified world market, prices moving together, allow international differences, to be simultaneously traded
Text
1. Listen, read and translate the text
COMPETITION IN THE WORLD MARKET
Changes in conditions in domestic markets are often the result of events in other countries. The fall in world oil prices in 1986 quickly led British producers of North Sea oil to follow suit. Wool prices in the European Community change when there is a drought in Australia, one of the world's largest wool suppliers. We now discuss how competitive markets in different countries are linked together and show why shifts in foreign supply or demand curves affect domestic markets.
When a commodity is internationally traded, its price in one country cannot be independent of its price in another country. In the extreme case, the 'Law of One Price' will hold.
If there were no obstacles to trade and no transport costs, the Law of One Price implies that the price of a given commodity will be the same all over the world.
Without trade barriers and transport costs, suppliers would always wish to sell in the market with the highest price but consumers would always wish to purchase in the market with the lowest price. The commodity could be simultaneously traded in two different countries only if its price were the same in both markets. In practice, transport costs and trade restrictions such as tariffs (taxes levied only on imports) allow international differences in the price of a commodity. Nevertheless, unless these costs and restrictions are prohibitive, international competition will ensure that prices of the same good in different countries generally move together.
Language practice
1. Make up sentences using the following words
1. together, competitive, linked, different, to be, countries, markets, in
2. or, affect, in, foreign, demand, shifts, curves, markets, supply, domestic
3. when, traded, to be, a, in, of, a, commodity, countries, number; one, country, depends, on, of, its, country, in, price, another, the, price, in
4. trade, without, barriers; sell, suppliers, would, in, the, with, the, market, price, highest
5. restrictions, in, transport, practice, costs, and, trade, international, differences, price, commodity, allow, in, the, of, a