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Market economies are directed by prices. Prices ration scarce recourses, and they motivate production. As a general rule, the more scarce something is, the higher its price will be, and the fewer people will want to buy it. Economists describe this as the rationing effect of prices.

Prices encourage producers to increase or decrease their level of output. Economists refer to this as the production-motivating function of prices. Prices send out “signals”

to buyers and sellers, keeping the economy responsive to the forces of supply and demand.

In a free market economy, prices are determined by the interaction of the forces of supply and demand. Perfectly competitive markets and those in which many buyers and sellers, with full knowledge of market conditions, buy and sell products that are identical to one another.

Demand is a consumer’s willingness and ability to buy a product of service at a particular time and place. If you would love to own a new pair of athletic shoes but can’t afford them, economists would describe that your feeling are desire. If, however, you had the money and were ready to spend it on shoes, you would be included in their demand calculation.

The law of demand describes the relationship between prices and the quantity of goods and services that would be purchased at each price. It says that all else being equal, more items will be sold at a lover price than at a higher price.

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І. Лексико-граматичний тест:

1. It was very nice______you to do my shopping for me.

a) on c) for

b) about d) of

2. I'm sorry______the smell of paint in this room.

a) by c) about

b) for d) at

3. We always have the same food every day. I'm fed up______it.

a) with c) by

b) in d) to .

4.1 was shocked______what I saw. I'd never seen anything like that before.

a) on c) at

b) of d) with

5. Susan is married______two children.

a) to c) with

b) for d) -

6. Tom has no money of his own. So he's totally dependent ______his parents.

a) at c) to

b) on d) of

7. She apologized______me______her behaviour.

a) to, with c) on, for

b) at, to , d) to, for

8. I'm sorry______being rude with you.

a) for c) on

b)- d)at

9. I'm afraid there is no solution______the problem.

a) to c) from

b) for d) on

10. He showed me a photograph______the house where he lived as a child.

a) of c) at

b) in d) for