Essential vocabulary

1. Anticipate v – to imagine or expect that something will happen – передбачати, очікувати, сподіватися. Syn. to expect, to hope, to predict, to foresee.

2. Charge v – to impose or ask somebody for an amount of money as a price or fee – призначати, вимагати плату, правити. To charge/to establish/to fix/to set a price – призначати ціну.

3. Launch v – introduce a new product to the public for the first time – випускати на ринок (товар). Syn. to bring into the market.

4. Supplier n – a company or a person that provides things that people want or need, especially over a long period of time – постачальник. Syn. a provider, a producer, a seller.

5. Supply v – to make available something that is wanted or needed by somebody or something often in large quantities and over a long period of time – постачати, доставляти, надавати, задовольняти. Syn. to furnish, to provide, to sell.

6. Switch (from something to something) v - to change suddenly or completely, especially from one thing to another, or to exchange by replacing one thing with another – переміщати, міняти, змінювати. To switch over production – переключитися на виробництво/змінювати напрям виробництва. Syn. to shift, to transfer.

7. Transaction n – a business deal or agreement/ the action or process of buying or selling something – операція; угода. Syn. A bargain, a deal, an arrangement.

Vocabulary exercises

Exercise 1. Read, translate into Ukrainian in written form and memorize the definitions of the following economic terms and concepts.

Elastic supply: Supply for which a percentage change in a product's price causes a larger percentage change in the quantity supplied.	_________________________________________________________________________________________________________________________________________________________________________________________________
Elasticity of supply: The degree to which supply of a commodity responds to a change in that commodity’s price.	__________________________________________________________________________________________________________________________________________________________
Inelastic supply: Supply for which a percentage change in a product's price causes a smaller percentage change in the quantity supplied.	_________________________________________________________________________________________________________________________________________________________________________________________________
Law of supply: the economic law that states as the price of a commodity that producers are willing and able to offer for sale during a particular period of time rises (falls), the quantity of the commodity supplied goes up (decreases), all non-price determinates being equal.	_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Quantity supplied: the amount of a product that producers are willing and able to sell at a certain price during a time period, all other factors that may determine supply remaining the same.	__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Supply: the total amount of a commodity available for purchase by consumers.	_____________________________________________________________________________________________________________________
Supply curve: the graphical representation of how supply varies as prices change.	_____________________________________________________________________________________________________________________
Supply schedule: a table showing the quantities of a product that would be offered for sale at various prices at a given time.	____________________________________________________________________________________________________________________________________________________________

Exercise 2. Give the Ukrainian equivalents for the following.

1. at a particular price in a given time period – ______________________________ ___________________________________________________________________

2. to fall in between the prices – _________________________________________

3. a different price-quantity combination – _________________________________

4. a direct correlation – ________________________________________________

5. all non-price determinants being equal – _________________________________

6. the labour costs – ___________________________________________________

7. to result in improved productivity – _____________________________________

8. to prefer to store their products today – __________________________________

9. an important concept in understanding supply and demand theories – __________ ____________________________________________________________________

Exercise 3. Find the English equivalents for the following.

1. вивести/випустити на ринок – ________________________________________

2. товар, який постачається – __________________________________________

3. пропонувати на продаж – ___________________________________________

4. значно збільшувати прибутки – ______________________________________

5. прямопропорційна залежність – ______________________________________

6. давати можливість виробникам передбачити – __________________________ ___________________________________________________________________

7. значна зміна величини пропозиції – ___________________________________

8. за певною ціною – _________________________________________________

9. покривати збільшені виробничі витрати – ______________________________

10. експлуатаційні витрати підприємства – ________________________________

11. існуюча пропозиція – _______________________________________________

12. конкурентний ринок – ______________________________________________

Exercise 4. Match these nouns/noun phrases, prepositions (if necessary) and nouns/noun phrases as they occur together in the text. Translate the expressions they make into Ukrainian.

decisions	to between in along of about	the future price
each point		goods traded
expectations		opportunities
the amounts		the law of demand
the opposite		prices
the profit		prices and the quantity of goods
the relationship		the curve

Exercise 5. Match the verbs/verbal phrases, prepositions (if necessary) and nouns/noun phrases as they occur together in the text. Translate the expressions they make into Ukrainian.

to vary directly	over on with into in for	improved productivity
to bring		sale
to charge		the market
to offer		a higher price
to result		the behaviour of sellers
switch		its price
to refer		production

Exercise 6. Copy out from the texts the sentences containing the following words and word- combinations and translate these sentences into Ukrainian.

1. is willing to launch into the market:______________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

2. a direct relationship: _________________________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

3. refers to the amount: _________________________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

4. no longer be willing: _________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

5. a business firm: _____________________________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

6. a change in price results in ____________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Exercise 7. Match the synonyms. The number of synonyms is given in brackets.

1. відображати (2) __________________________________________________

2. за умови, що усі нецінові фактори залишаються незмінними (3) _________ ______________________________________________________________________________________________________________________________________

3. збільшення ціни (2) _______________________________________________

4. непередбачений/результат (3) ______________________________________

5. очікуваний результат (2) __________________________________________

6. очікування (2) ___________________________________________________

7. передбачати (3) __________________________________________________

8. переміщати (3) ___________________________________________________

9. постачальник (2) _________________________________________________

10. постачати (3) ____________________________________________________

11. поточна пропозиція (3) ____________________________________________

12. призначати ціну (5) _______________________________________________ ____________________________________________________________________

13. випускати на ринок (товар) (2) ______________________________________ _________________________________________________________________

14. торгувати (2) ____________________________________________________

an anticipated effect		to deal	the going supply	a provider
to represent	to quote a price		to switch	to set a price
an unforeseen consequence		to transfer	to expect	an anticipation
to launch into the market		to provide	to charge a price	the present supply
an unanticipated influence		to price	all other things being equal
an expected result		to predict	the current supply	a rise in price
to supply		to shift	an expectation	to show
to bring into the market		to trade	to fix a price	to furnish
an unpredicted effect		to foresee	a price increase	a supplier
all non-price determinants being equal			all non-price factors being constant

Exercise 8. Replace the words or word combinations in bold type with their synonyms.

1. A supply curve slopes upward from left to right, reflecting the fact that more of a product will be brought into the market at a higher price and less at a lower price.

2. According to the law of supply an increase in supply leads to a reduced price, while a decrease in supply causes a rise in price, demand remaining constant. 3. As a result of a shift in supply, there will be a new relationship between the price and quantity of a commodity supplied. 4. Since it costs more to produce additional items, producers will supply more only if they can charge a higher price. 5. Potential producers switch resources to production of a particular product, if its price increases, and enter the market for that product to maximise their revenues. 6. Changes in suppliers’ expectations cause supply curves to shift. 7. Companies that operate in highly competitive industries provide goods or services that are very elastic because current market condition does not enable them to charge a price they would like to. 8. Supply along with demand is one of the two key determinants of price but relates to the total amount of the goods available for purchase.

Exercise 9. Translate the words in brackets into English.

Supply (відноситься до) _____________________ seller's willingness and ability (випустити на ринок) ________________________ available quantity of product.

In accordance with (закону пропозиції) ____________________________ the price and (величина пропозиції) _________________________ are directly proportional, (за умови, що усі нецінові фактори залишаються незмінними) ____________ ___________________________________________. In most markets (збільшення ціни товару) __________________________________________ will increase the quantity of a product that (продавці готові поставити) _____________________ ________________. This (співвідношення між ціною і величиною пропозиції) __________________________________________ can be represented as (шкала пропозиції) _________________________ or a graph relating the price and quantity supplied.

The higher price (надає виробникам стимул) _____________________________ to supply more, but rising opportunity costs (встановлює межу кількості) ___________________________ they will supply (за будь-якою даною ціною) __________________________. A change in a price refers to (зміни поведінки постачальників) __________________________________________ caused by a product’s price, (інакше кажучи зміна в ціні відображається) ______________ ______________________________________________________ by changes in the quantity supplied. In this case, the relationship between price and quantity (залишається незмінним) _____________________________, but there will be a new (поєднання ціни та кількості) ____________________________________.

A change in supply relates to a change in behaviour of sellers (що є наслідком) ____________________ a change in factors (інших ніж ціна товару) _________ _________________________. When one of (нецінових визначників пропозиції) changes, the supply curve (переміщується або направо або наліво) ___________ __________________________. These non-price determinants of supply are (витрати експлуатації підприємства) _________________________________, technology and productivity, (очікування виробників) _______________________ about future prices, (можливості отримання прибутку) ___________________ and prices of (споріднених товарів та послуг) ____________________________.

(Давайте подивимося на) ______________________________ the relationship of prices and quantity supplied of related goods or services. Changes in the prices of complements and substitutes (мають протилежний вплив на пропозицію) ____ ______________________________ of a product. When (ціна товару-супутника) _________________________ goes up, supply of (іншого товару-супутника зростає) ________________________________________. When (ціна товару замінника) ______________________ rises, supply of (іншого товару-замінника зменшується) ________________________________________.

Notice that (відповідь кривої пропозиції на) _______________________________ a change in the price of a complement or substitute in supply (протилежна відповіді кривої попиту на) ________________________________________ a change in the price of a complement or substitute in demand. As the price of (товару-супутника у пропозиції) ________________________________ goes up, supply increases. As the price of a complement rises, (попит зменшуються) _________________________________. When the price of a substitute goes down, (пропозиція іншого товару замінника) __________________________________ increases but (попит на нього) ____________________ decreases.

Exercise 10. Match the halves of the sentences and translate them into Ukrainian.

Supply represents	more at a higher price.
According to the law of supply the higher the price is,	that results from a change in a condition other than a product’s price.
The supply curve shows how sellers alter their plans	the supply also increases shifting a supply curve to the right.
Buyers will be supplied with less amounts of goods at a lower price and	the more goods will be put on the market.
Quantity supplied refers to the quantity	in response to a change in the price, other things being equal.
A change in supply is a change in the quantity of a product that suppliers plan to sell	at each quantity there will be a new price.
Supply decreases or increases depend on	how much the market can offer for sale.
At each price there will be a new quantity and	that producers are willing and able to sell at a particular price.
As the number of sellers in a particular market increases,	the cost of production.

1	2	3	4	5	6	7	8	9

FOR TRANSLATION

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Exercise 11. Match each term given in the table below to its definition.

Elasticity of supply, elasticity, inelastic supply, law of demand, law of supply, supply schedule, quantity supplied, supply, supply curve

A measure of the responsiveness of a commodity’s quantity supplied to changes in that commodity’s price
A table recording the number of units of a commodity supplied at various possible prices.
The number of items that sellers will put on the market at each and every price at a particular time and place.
A graphic representation of the supply schedule and the law of supply showing the relationship between each possible price of the good and the quantity that would be supplied for sale at that price.
A term used when the percentage change in a product's price causes a smaller percentage change in quantity supplied.
It refers to how supply and demand change in response to various influences.
The amount suppliers are willing and able to offer for sale at a certain price during a given period of time, all non-price factors being constant.
The economic law under which demand represents a direct relationship to price. If all other factors remain unchanged, an increase in demand leads to an increased price, while a decrease in demand leads to a decreased price.
The economic law under which supply reflects an inverse relationship to price. If all other factors are equal, an increase in supply causes a decreased price, while a decrease in supply causes an increased price.

1	2	3	4	5	6	7	8	9

Exercise 12. Translate into English using the active vocabulary.

Пропозиція – це кількість продукції, яка є в наявності для задоволення попиту.	______________________________________________________________________________________________________________________________________________________
Закон пропозиції стверд-жує, що чим нижча ціна, тим менша величина пропо-зиції і, чим вища ціна, тим більша величина пропозиції.	_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
В економіці взаємовідно-шення між пропозицією та ціною виражається законом пропозиції.	_______________________________________________________________________________________________________________________________________________________________________________________________________
Крива пропозиції показує прямо пропорційну залеж-ність між ціною та величиною пропозиції, за умови, що усі нецінові фактори є сталими.	____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Величина пропозиції – це кількість одиниць товару, що продавці готові запропону-вати на продаж за певною ціною та у визначений час.	__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Крива пропозиції показує, що підприємці виробляти-муть більше товарів та послуг за відносно високими цінами, а за нижчими цінами буде менше вироблено і поставлено.	______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Зниження витрат на виробництво збільшує про-позицію.	_____________________________________________________________________________________________________________________________________________________
Можливості отримання прибутку впливають на рі-шення виробників щодо пропозиції.	_______________________________________________________________________________________________________________________________________________________________________________________________________
Зміни в прибутках та смаках споживачів, техно-логгіях виробництва, вироб-ничих витратах і зміни кількості продавців на ринку та можливостях отримання прибутку спричиняють пере-міщення як кривої попиту, так і кривої пропозиції.	_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Запровадження удоскона-лених технологій вироб-ництва та знижені витрати виробництва дають виробни-кам можливість виробляти більше продукції.	___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Цінова еластичність пропозиції стосується того, як величина пропозиції певного товару реагує на зміну ціни цього товару.	_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Еластичність пропозиції товару може змінюватися відповідно до кількості товарів замін-ників та споріднених товарів.	________________________________________________________________________________________________________________________________________________________________________________________________________

Exercise 13. Mark the following statements as T (true) or F (false). Correct the false statements.

1. Supply relates to how much of a product or service is desired by buyers at a particular price in a given time period, all other things being equal. 2. The law of supply states that the price of a product supplied varies inversely with the availability of a product, all other factors that may determine supply remaining the same. 3. Consumers will buy more when there is a price decrease in the market. 4. Sellers want to charge as much as they can so as the price goes up they will be willing to make more and sell more maximizing their profits. 5. The supply curve shows the quantities of a product or service which consumers are willing and able to buy at various prices, all non-price factors being equal. 6. Each point along the curve represents a different price-quantity combination, or to put it another way, a direct correlation between the quantities supplied and price. 7. The non-price determinants of supply are things other than price which affect the amounts of goods and services suppliers are able to bring into the market. 8. If transportation costs of a product increase, the supplier will be forced to increase the price of a product. 9. The previous statement illustrates how changes in technology change the price of a product. 10. Improved technology increases production costs and therefore decreases supply. 11. If the price of a resource used to produce the product grows, this will increase the production costs and the producer will want to charge a higher price to cover the higher costs. 12. If producers anticipate a price rise in the future, they may prefer to store their products today and sell them later. 13. If a product has a relatively low price potential producers will switch over production to that product in order to make it more profitable. 14. Comprehension of elasticity is useful to understand the response of supply to changes in consumer demand in order to achieve an expected result or avoid unforeseen consequences. 15. Elasticity of supply is a measure of how much the quantity supplied of a particular product responds to a change in the price of that product. 16. If a small change of price results in a large change in demand, the demand is called elastic, if the demand changes only a little, it is called inelastic. 17. Price elasticity of supply appears naturally: nothing can influence it.

Exercise 14. Answer the following questions.

(A) 1. What does supply mean? 2. Whose behaviour is supply concerned with? 3. What does the law of supply state? 4. Why does the law of supply have a direct relationship? 5. Why is the law of supply the opposite to the law of demand? 6. What is a supply schedule? 7. What is a supply curve? What does each point along the curve represent? 8. What does a price change lead to? 9. What causes a supply curve to shift? 10. What are the key non-price determinants of supply? 11. How does the cost of production affect the behavior of producers? 12. What does the introduction of new technology result in? 13. Why is it important for producers to use cheap inputs in their production processes? 14. How do future expectations affect the quantity supplied? 15. Why are profit opportunities considered as factors that influence the quantity supplied? 16. Why do potential producers start producing a product? 17. What is elasticity as an economic concept? 18. Why is elasticity important in understanding supply and demand theories? 19. What is the price elasticity of supply? 20. What is the difference between elastic and inelastic supply? 21. What are the determinants of price elasticity of supply?

(B) 1. Why do producers supply more goods at a higher price than at a lower price? 2. Why is price an important determinant of the quantity supplied? 3. When and why do suppliers increase their production and rise prices? 4. What role do prices play for producers and consumers? 5. What is included in costs of production? 6. How do firms get maximum profits? 7. When are profits the highest? When should firms close down? 8. Why is it necessary to know the effect of a price change on the whole output rather than the supply of individual firms for making economic forecasts? 9. Can you give an example of technology influencing the quantity supplied?

Exercise 15. You are a student of economics. You have a younger sister. She is 10. Once she heard somebody say the word “supply” but she failed to understand it. She asks you to explain the meaning to her. Don’t forget that children have a representational thought (образне мислення) that’s why you should not only explain the meaning but also illustrate it. Make up and act out the dialogue using the following words and word combinations: price charged for available goods, to furnish, a deal, to switch over production, a supplier, to set a price, to offer for sale, to anticipate.