2. Complete each sentence with the correct ending, a-j, below.

1. When you need a new pair of high tops, want a bagel and a latte, plan to upgrade your PC, or need to fly home for Thanksgiving, you must

2. A market is any arrangement that

3. There are also markets for money

4. Some markets are physical places where the buyers and sellers meet and where an auctioneer or a broker

5. The e-commerce markets and currency markets are

6. Each buyer can visit several different stores, and each seller

1. unorganized collections of buyers and sellers.

2. knows that the buyer has a choice of stores.

3. find a place where people sell those items or offer those services.

4. limits what can be traded in markets.

5. helps to determine the prices.

6. such as Japanese yen and for financial securities such as Yahoo! stock.

7. groups of people spread around the world who never meet and know little about each other but are connected through the Internet or by telephone and fax.

8. vary in the intensity of competition that buyers and sellers face.

9. do most of your trading in this type of market.

10. enables buyers and sellers to get information and to do business with each other.

3. Do the following statements agree with the information given in the text?

Use TRUE if the statement agrees with the information

FALSE if the statement contradicts the information

NOT GIVEN if there is no information on this

1. A typical market model is required to study demand and supply interaction.

2. Economic functions of different markets are distinct.

3. At auctions intermediaries bid against each other on behalf of buyers.

4. Ford’s output exceeds Rolls Royce’s one.

5. There is no way to supply without benefit.

4. Complete the sentences below.

Choose NO MORE THAN THREE WORDS for every sentence.

1. …. that guarantee that the quantity wanted to purchase is the same as the quantity wanted to sell are defined by ….

2. The model of the typical market required is focused on inherent characteristics, namely ….

3. It is necessary to realize that the terms demand and the quantity demanded ….

4. Delivery advances would affect the ‘other things’ …. the chocolate bars supply.

5. Other things equal, the lower the …. , the higher the quantity of chocolate demanded.

5. Which of the following best describes the main idea of the text?

Choose the correct letter A, B, C or D.

1. A definition of the market.

2. Different economic functions of the market.

3. The essential features of the market.

4. ‘Other things’ influence.

Unit 7 supply and demand (1)

Texts 3-3 (pages 70 - 72)

1. Answer the questions below, using NO MORE THAN THREE WORDS for each answer.

1. In what way is it more suitable to learn the equilibrium price and quantity?

2. At what prices are quantities demanded larger according to figure 3 – 1?

3. What demand/supply can be analyzed examining figure 3 – 3?

4. What’s the reason of not being forced to participate in a market?

5. How do sellers response to unsold stocks?