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Супрун Л. А.

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


market economy - ринкова економіка

price - ціна

e.g. Market economies are directed by prices.

to ration - розподіляти, нормувати, видавати

e.g. Prices ration scarce resources, and they motivate production.

to attend an auction - відвідувати аукціон

e.g. Did you ever attend an auction?

rationing effect - раціональний вплив

e.g. What you saw at the auction was the rationing effect of prices.

items for sale - товари для продажу

bidder- покупець на аукціоні

e.g. The person leading the sale (the «auctioneer») offered individual items for sale to the highest bidder.

to drive out of the market - витіснити з ринку

e.g. Price decreases drive producers out of the market.

the level of output - рівень виробництва

e.g. Prices encourage producers to increase or decrease their level of output.

the law of demand - закон попиту

quantity of goods and services - кількість товарів і послуг

e.g. The law of demand describes the relationship between prices and the quantity of goods and services that would be purchased at each price.

elasticity - еластичність; гнучкість

e.g. Elasticity describes how much a change in price affects the quantity demanded.

supply - постачання; пропозиція

e.g. Supply refers to the number of items that sellers will offer for sale at different prices at a particular time and place.


II. Give English equivalents of the following:

покупець на аукціоні еластичність
вартість продукції взаємодія
закон пропозиції закон попиту
кількість товарів і послуг ринкова ціна
зміни в постачанні товари для продажу
відвідувати аукціон рівень виробництва

ІІI. Fill in the blanks with appropriate words:

1. Economists often use ... to illustrate prices
  and explain their work. sellers
2. Market economics are directed by ... . demand
3. ... is a consumer's willingness and tables and graphs
  ability to buy a product or service at consumers
  a particular time and place. market
4. More people can afford to buy ... at a auction
  lower price than at a higher price. an item
5. Buyers and sellers have full knowledge  
  of the prices price quoted in the ....  
6. In some countries prices are set by  
  the ... .  
7. Many ... who are concerned about the  
  environment are refusing to buy soft  
  drinks in plastics.  
8. ... will offer more of a product at a  
  higher price and less at a lower price.  

IV. Read and translate the text:

Market economies are directed by prices. Prices ration scarce resources, and they motivate production. As a genera! 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 are 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 or 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 feelings are desire, not demand. If, however, you had the money and were ready to spend it on shoes, you would be included in their demand calculations.

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 lower price than at a higher price.

The degree to which price changes affect demand will depend upon the elasticity of demand for a particular item.

If total revenue increased following a price decrease, demand would be elastic. If the price decrease led to a decrease in total revenue, the demand for the item would be described as inelastic.

The demand for some goods and services will be inelastic for one or more of the following reasons:

- They are necessities.

- It is difficult to find substitutes.

- They are relatively inexpensive.

- It is difficult to delay a purchase.

Sometimes things happen that change the demand for an item at each and every price. When this occurs, we have an increase or a decrease in demand.

Supply, which is the quantity of goods or services that sellers offer for sale at all possible prices at a particular time and place, varies directly with price. In other words, at a higher price, more goods and services will be offered for sale than at a lower one, and vice versa.

The price at which goods and services actually change hands is known as the equilibrium, or market price. It is the point at which the quantity demanded exactly equals the quantity supplied. Market price can be represented graphically as the point of intersection of the supply and demand curves.

Shifts in demand or supply will affect market price. When everything else is held constant, an increase in demand will result in an increase in market price, and vice versa. Similarly, an increase in supply will result in a decrease in price, and vice versa.

The market price is the only price that can exist for any length of time under perfect competition conditions. Perfect competition exists when the following conditions prevail:

- Buyers and sellers have full knowledge of the prices quoted in the market.

- There are many buyers and sellers so that no individual or group can control prices.

- The products are identical with one another. Therefore, it would not make sense for buyers to pay more than the market price, nor for sellers to accept less.

- Buyers and sellers are free to enter or leave the market at will.

V. Answer the following questions:

1. What is the rationing effect of prices?

2. What are the functions of prices?

3. How are prices determined in a free market economy?

4. What causes prices to rise and fall in a market economy?

5. What is demand?

6. What does the law of demand describe?

7. When is demand described as elastic?

8. Why is the demand for some goods and services inelastic?

9. What does supply refer to?

10. What is equilibrium or market price?

VI. Define the terms:

market price  
rationing effect of prices demand
perfectly competitive markets buyers
production-motivating function of prices sellers

VII. Translate into English:

1. Ціни управляють ринковою економікою.

2. Ціни спонукають виробників до збільшення або зниження рівня випуску товарів.

3. У вільній ринковій економіці ціни визначаються взаємодією чинників пропозицій і попиту.

4. Ціна, за якою фактично продають товари та послуги, називається ринковою ціною.

5. Зміни в попиті та пропозиції впливатимуть на ринкові ціни.

6. Ринкова ціна - єдина, яка може існувати протягом певного часу в умовах цілковитої конкуренції.

7. Попит - це бажання та спроможність споживача купити товар чи послугу в певний час і в певному місці.

Супрун Л. А.

С 89 История английской и американской литературы. Краткий обзор: Учебное пособие по зарубежной литературе для школ с углубленным изучением английского языка. - Донецк: Центр подготовки абитуриентов, 1999 -128 с.

13ВЫ 966-7177-29-7

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