earn a profit; 32. to attract more sales; 33. for personal use; 34. ratio; 35. workmanship;

33. the nation’s total economic output; 37. monopolistic competition; 38. homogeneous product; 39. standardized; 40. market economy; 41. to drive out; 42. business operations;

42. product differentiation; 44. pure competition; 45. competitors; 46. qualitative diffe^- rences; 47. functional features; 48. retail stores.

Exercise 7. Fill in the missing words in the text below and then translate into Ukrainian. Use Vocabulary-2 and Exercise 2A. TEXT 2

The many different industries producing goods and services are divided into three broad groups.

(1) industries are described so because they (2) out the first stage in

the process of (3). They produce raw (4), either by extracting them from

the (5) or by growing them. Examples include agriculture, (6), quarrying,

forestry and (7).

(8) industries are the (9) and manufacturing industries, which carry out

the second stage in the process of production. They change the (10) materials into

finished or (11) products. Examples include the industries producing steel, chemi­cals, furniture, clothing, footwear, motor cars and so on.

Firms in (12) industries provide services of all kinds to firms in the primary and

(13) sectors. They also (14) services (15) to consumers. In a modem

society, the firms in the (16) and secondary sectors would find it impossible to func­tion without the services supplied by banks, insurance companies, transport (17),

communications (e.g. the (18) services and telephone network), (19) and

retailers. Services supplied directly to consumers as well as to firms include the education and health services, catering (20), tourism and entertainment.

The proportions of the labor force employed in the different (21) of the economy

vary according to the level of economic development. In the developing countries, a large percentage of the working population is employed in the (22) sector.

Exercise 8. Work in pairs. Translate the following two texts into Ukrainian. Use Vocabulary 3-4 and Exercises 3a-4a in case of difficulties. Text 3

Almost two-thirds of the nation’s total economic output consists of goods and services bought by individuals for personal use. The remaining one-third is bought by government and busi­ness. Because of this ratio, the nation is sometimes characterized as a ‘consumer economy’.

It is evident, then, that the consumer will exert a measure of influence over the mar­ket economy. Naturally, most consumers look for good values when they buy, as well as

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product reliability and safety. If one automaker, domestic or foreign, produces a better car at a lower price, the market will begin to shift as that car attracts more sales than its competitors. In theory, this phenomenon rewards efficient producers who maintain high quality at low prices, and drives out those who cannot compete.

Providers of goods and services include owners, managers and workers. Owners and managers make decisions on what and how to produce, relying on what they think the pub­lic will buy and expecting to earn a profit from their business operations.

Text 4

In contrast to pure competition, monopolistic competition has the fundamental fea­ture of product differentiation. Purely competitive firms produce a standardized or ho­mogeneous product; monopolistically competitive producers turn out variations of a given product. In fact, product differentiation may take a number of different forms.

Most obviously, product differentiation may take the form of physical or qualitative diffe­rences in the products themselves. ‘Real’ differences involving functional features, materials, design, and workmanship are vitally important aspects of product differentiation. Personal computers, for example, may differ in terms of hardware capacity, software, graphics, and the degree to which they are ‘user-friendly’. There are literally scores of competing principles of economics texts which differ in terms of content, organization, presentation and readability, pedagogical aids, graphics and design, and so forth. Any city of a reasonable size will have a variety of retail stores selling men’s and women’s clothing which vary greatly in terms of styling, materials, and quality of workmanship. Similarly, one fast-food hamburger chain may feature sesame seed buns, while a competitor stresses the juiciness of its hamburgers.

Exercise 9. Translate the following texts into English. Work in pairs. TEXT 5

Послуги та умови, що пов’язані з продажем виробу, є важливими аспектами його диференціації. Одна бакалійна крамниця може приділяти особливу увагу якості об­слуговування покупців, її робітники упакують ваші покупки та віднесуть їх до вашого автомобілю. Конкурент в особі великої роздрібної крамниці може дозволяти покуп­цям самим упаковувати та переносити покупки, але продавати їх за нижчими цінами. ‘Одноденній’ чистці одягу часто віддається перевага над чисткою, що є аналогічною за якістю, але триває три дні. Ввічливість та послужливість робітників крамниці, репутація фірми щодо обслуговування покупців або обміну її виробів, наявність кре­диту являють собою аспекти диференціації виробу, що пов’язані з послугами.

Вироби також можуть бути диференційовані на основі розташування та доступ­ності. Невеличкі міні-бакалеї або продовольчі магазини самообслуговування успішно конкурують із великими супермаркетами, незважаючи на те, що останні мають наба­гато ширший асортимент продуктів та назначають нижчі ціни. Власники маленьких крамниць розташовують їх близько до покупців, на найбільш жвавих вулицях, часто

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