TEXT 9

The law of demand

Demand is a consumer’s ability and willingness to buy a commodity or service at a particular time and place.

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

It says that in case of equal situations more items will be sold at a lower price than at a higher price.

Vocabulary

ability – способность

commodity – товар

consumer – потребитель

law of demand – закон спроса

to purchase – покупать

quantity – количество

willingness – готовность

TASKS

Task 1.What law is mentioned in the text?

Task 2. Look through the text and find irregular verbs. Give their forms.

Task 3. Form degrees of comparison from the following adjectives:

Model: low – lower – the lowest

high

big

large

simple

easy

busy

Task 4. Which one isn’t the same?

1. commodity, goods, particular, price;

2. low, high, service, equal;

3. demand, service, at, relationship.

Task 5. Find in the text the beginning of the sentences and translate them into Russian.

1. …. is a consumer’s ability and willingness to buy a commodity or service at a particular time and place.

2. …. describes the relationship between prices and a quantity of goods and services that could be purchased at each price.

Task 6. Arrange the letters in brackets into terms of the given definitions.

1. a person who buys goods, products for his own use, not for business

(m o c u s e n r);

2. the amount of money for which something is bought, sold ( r e c p i );

3. the total amount of a type of goods or services that people or companies buy in a particular period of time ( n m a d e d ).

Task 7. What is demand?

2. What does the law of demand describe?

3. What does it say?

Text 10 The law of supply

The law of supply states that sellers will offer more goods at a higher price and less at a lower price.

It is connected with the aim of every producer – to make a profit.

The higher the price, the greater the incentive to produce and sell the product.

Vocabulary

aim – цель

incentive – побудительный мотив, стимул

law of supply – закон предложения

producer – производитель, изготовитель

product – товар, продукт, изделие

profit - прибыль

seller - продавец

to state – заявлять, формулировать

TASKS

Task 1. Pronounce the following words (mind the stress):

1. supply, deny, reply;

2. dictate, relate;

3. surprise, despise, arise.

Task 2. Find in the text irregular verbs and give their forms.

Task 3. Give synonyms to the following words:

to connect

to make

to offer

to produce

Task 4. Give anonyms to the following words:

high

great

supply

profit

Task 5. Give all the synonyms that you know to the noun “product”.

Task 6. Finish up the following sentences and translate them into Russian.

1. The lawof supply states that …. .

2. It is connected with the aim …. .

3. The higher the price, the greater …. .

Task 7. Translate the following sentences into Russian.

1. The more one has, the more one wants.

2. The sooner you do it, the better.

3. The less you say, the better (it is).

4. The more independent firms are in an industry, the greater the competition.

5. The bigger the firm, the greater the opportunity for each worker to specialize in these tasks for which he is best fitted.

6. The lower the price, the less likely it is that new firms enter the market.

Task 8. Answer the following questions.

1. What law is described in the text?

2. What is the aim of every producer?

3. In what case is the incentive to produce and sell the product higher?

Text 11 Money and its functions

The main function of money is its acceptance as a means of payment or medium of exchange. People work for money. They buy and sell goods in exchange for money. Money is the medium through which people exchange goods and services.

But money has also other functions. Money is a standard of value, a unit of account, a store of value.

Vocabulary

means of payment – средство платежа

medium of exchange – средство обращения

a standard of value – мера стоимости

a unit of account – единица учета

a store of value средство сбережения

Comments:

1. Money (noun) is followed by a verb in the singular form.

Money has a number of functions.

Money was lost yesterday.

2. Means (pl.) – средство, средства

a means of conveyance – транспортное средство

means of communication – средства связи

TASKS

Task 1. Find in the text irregular verbs and give their forms.

Task 2. Use a dictionary and find out the difference between the following words:

means – mean

Task 3. Trite down English equivalents for the following:

1. деньги;

2. средство обращения;

3. средство платежа;

4. мера стоимости;

5. единица учета.

Task4. What other nouns which are followed by a verb in the singular form do you know?

Task 5. Which one doesn’t go with the line?

1. money, currency, main, value;

2. of, in, after, which, with;

3. payment, account, buy, function.

Task 6. Translate Russian words in the gaps into English.

The main функция is its acceptance as средство платежа or средство обращения. People работают for money. They buy and sell товары in exchange for money. Money is средство through which people exchange goods and услуги. But деньги has other functions. Money is мера стоимости, единица учета, средство сбережения.

Task 7. Answer the following questions.

1. What functions of money do you know?

2. Which function of money is the most important?

3. Why do you consider it the most important?