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  1. Answer the following questions:

  1. What do a lot of international economic transactions involve?

  2. Why is exporting open to any size or kind of firm?

  3. What is the purpose of exporting?

  4. What is the aim of importing?

  5. What would a typical export-import transaction start from?

  6. What terms do the firms usually negotiate for?

  7. What else does the transaction involve in addition to the payment documents?

  8. What is the function of the customs in the export-import transactions?

  1. Study the following definitions. Reproduce them from memory:

production inputs - the resources which are employed to allow production of

goods and services to take place;

a letter of credit - letter from a bank authorizing payment of a certain sum to a

person or company (usually in another country);

insurance - agreement that in return for regular small payments, a

company will pay compensation for loss, damage, injury;

customs - the branch of government and its workers who keep track of

the goods brought into a country;

shipment - the process of transportation of goods, esp. by ship;

delivery date - date in the contract when a commodity will be transported to

a purchaser;

bill of sale - document which the seller gives to the buyer to show that the

sale has taken place.

  1. Find the following words and phrases in the text and translate them into Ukrainian:

Merchandise exports and imports; participants; foreign market entry;

to demand greater capital; least-cost supply; to utilize exports; an often neglected part of international trade strategy; production inputs; to avoid dependence; to look for a foreign buyer; to negotiate for terms; guarantee of payment; an insurance contract.

  1. Find words in the text opposite in meaning to the following:

unavailable; independence; to enlarge; exit; highest-cost supply.

  1. Match the words in column I with their synonyms in column II:

1. entry a) volume

2. to demand b) to neglect

3. bulk c) access

4. to ignore d) to require

5. merchandise e) means

6. resources f) goods

7. to obtain g) to decide

8. to determine h) to gain

9. terms i) injure or harm

10 damage j) condition

  1. Make a proper selection:

  1. participant

  2. terms

  3. to clear

  4. to diversify

  5. dependence

  6. guarantee

  7. supplier

  8. insurer

  1. the state of needing the help and support of others;

  2. a promise, usually in writing, that something will be done;

  3. to give variety to something;

  4. to get permission to leave or enter a place;

  5. a person who takes part in something;

  6. conditions offered, demanded or accepted in an agreement;

  7. a person or company agreeing to pay compensation in case of injury, loss, etc.

  8. a person or firm supplying goods.