IX. Make up your own dialogue using the following expressions:

to transact property rights

commodities to suggest

indirect trade to settle down

middleman beneficial

restrictions to fix the price

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X. Combine the given two sentences into one using the Present Perfect Continuous Tense:

Model: Partners began to make the transaction on buying . this equipment 20 minutes ago. They are still making

it.

Partners have been making the transaction for 20

minutes. 1. They began to obtain gains from the realization of these goods a month ago. They are still obtaining them. 2. They began to raise taxes on some commodities two weeks ago. They are still raising them. 3. Intermediaries began to lower transaction costs a few hours ago. They are still lowering them. 4. This company began to make restrictions on buying some goods a year ago. It is still making them. 5. They began to develop indirect trade some years ago. They are still developing it.

XI. Complete the following sentences as in the model:

Model: They have been making the transaction ....

They have been making the transaction for an hour (since the manager come, since 8 o'clock, etc.). 1. They have been transporting commodities ... . 2. This

company has been realizing its goods through middlemen ... .

3. Ukrainian economy has been developing property rights ... .

4. This firm has been lowering the costs of transaction ... .

5. Both partners have been making important arrangements ... .

XII. Translate into English:

1. HenpnMa TopnBna po3BMBaeTbcst s yupaTHi ame npom-roM KinbKox pokib. 2. U,n KOMnaHin oTpMMye BHrofly Bifl Kynisni o6naAnaHHfl BnpoftOB>K hbox Micnu,iB. 3. 3axiflHi Repmasn no-cra^ahDTb b ynpaVHy pi3HOMaHiTHi cnowMBHi TOBapw, noHMHaio-hm 3 1992 poKy. 4. 3 caMoro pamty bohm o6roBopioK>Tb BMTpa™ Ha nyniBJiK* Heo6xiflwix TexHonoriii. 5. Bin npau,roe nocepeflHMKOM y ujii KOMnaHH BMte BnpoflOBJK Tpbox po«)B.

XIII. Communicative situations:

1. Computer software frequently comes packaged with an agreement attached to the outside that reads something tike the following:

«The purchaser agrees, upon opening this package, not to copy or distribute the enclosed materials to anyone else».

Why is this kind of message attached to software boxes but not to boxes of cereal?

How effective do you suppose this agreement is? What kinds of arrangement would make it more effective? 2. Middlemen or intermediaries are frequently the burnt of charges that they do nothing except contribute to high prices.

Are prices higher or lower because of middlemen? If prices were higher because of middlemen would it still make sense to trade through them rather than engaging in direct trade?

Lesson 19 MEASURING ECONOMIC ACTIVITY ;

I. Read and memorize the following words, word-combi­nations and word-groups:

measures of economic activity — no«a3HHKn eKOHOMinHof AicnbHOCTi

e.g. Understanding how an economy works and carefully examining different perspectives on the economy frequently require quantitative measures of economic activity.

to lower — 3HM>KyBaiM(c(i)

e.g. The stocks lowered in value.

unit of account — oauhmha o6HwcnenHa

e.g. Money is frequently used as a unit of account.

to quote a price in terms of smth. — BM3HaHa-m uiHy b

MOMVCb

e.g. When prices are quoted in terms of the domestic unit of account it is easy to determine how many units of one good trade for another.

implicit — He BnpameHiiii npflMO, npuxoBaHnvi

exchange ratio — MiHose BiflHoiueHHsi

e.g. This implicit exchange ratio of goods for goods is the relative price.

relative price — BiflHocHa u,iHa

e.g. Relative prices play an important role in the decisions that individuals make.

purchase — KyniBnn

e.g. i have some purchases to make.

microeconomics — MinpoeKonoMka

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e.g. The study o( what determines relative prices and what happens when relative prices change is called microeconimics.

aggregate price level — 3aranbHnw piaeHb uiw

e.g. It is often useful to have a measure of the general or aggregate price level in addition to measures of specific relative prices.

price index — infleKc ujh

e.g. The price level is measured using a price index.

market prices — pnHKOBi ujhm

e.g. A price index is usually created by pricing a basket of goods at market prices in a base year.

to normalize expenditures — HopwyBa™ BMTpaTM

e.g. The expenditures at each subsequent date are also normalized, using the base period expenditures.

current prices — icHyroni u,ihh

e.g. The same basket of goods is priced at current market prices at subsequent dates.

aggregate output — cyKynHww o6cnr Bnpo6HMu,TBa

e.g. Aggregate output is the way to measure the dollar value or the total production of goods and services in an economy.

to evaluate — ou,iHK>Ba™

e.g. These goods were evaluated at current market prices.

to deflate — 3Hn>«yBaTii u,jhh

e.g. A price index can be used to create a measure of real aggregate output, real GNP, by deflating nominal GNP.