- •The Interaction of Demand and Supply.Their Influence the Market Prices.
- •1. A. Think about the items youbought during the past twomonths.
- •2.Study key terms and their definitions.
- •3. To make the concept of demand clearer, entitle the following examplesof the main economic concepts concerning it. Answer the questions.
- •4. Match the terms with their definitions.
- •5.While reading the text match the questions to the answers.
- •Why is Demand Important?
- •Vocabulary practice
- •Find in the text English equivalents for the following word combinations. Write your own sentences using them.
- •Give Ukrainian equivalents for the following word combinations.
- •A. The italicized words in the sentences below are found in this unit. Study the sentences. Then identify the part of the speech and write your own definition for the words on the line provided.
- •IV. A. Study the difference between such nouns asamount, number and quantity.
- •In each set of words, cross out the words that does not have a similar meaning to the first. Compare your answers with another student. Discuss why the words are similar.
- •A. Expand your knowledge of non-price determinants of demand. Fill in the missing words in the sentences below. Choose from the box. Translate the sentences into Ukrainian.
- •Write one word in each gap to complete the sentences.
- •A. Read the text. Number the following words with their underlined equivalents in the text.
- •Read the following text. For each gap, choose the best words a, BorC.
- •Understanding main points of the text.
- •A. Which of these statements gives the best summary of the ideas in the text?
- •McMakeover Deluxe
- •B. Which of these statements gives the best summary of the ideas in the text?
- •Netflix, Blockbuster Battle It Out
- •Read the text and be ready to do the following assignments.
- •Scan the next article for the answers to the following questions:
- •Read the text written above. Title it and prepare a brief summary of the text.
Read the following text. For each gap, choose the best words a, BorC.
Our company makes wooden garden furniture - mainly tables and chairs. Sales are much higher this year because we have spent a lot on (1) …………… . First we did a survey to find out about customer (2) …………… . Then we redesigned all our (3) …………… to include the special (4) …………… that people want. Our (5) …………… included a competition in all the major gardening magazines …………… where the prize was a set of our furniture. Most importantly, we’ve made sure all our (6) …………… are very competitive because our customers want value for money.
1. A selling B distributing C marketing
2. A wants B needs C uses
3. A products B benefits C services
4. A goods B profits C features
5. A presenting B promotion C persuasion
6. A prices B costs C charges
Understanding main points of the text.
Read the texts and be ready to do the following assignment.
A. Which of these statements gives the best summary of the ideas in the text?
a) The company realizes that consumerdemand is changing. This means the companyhas to change too.
b) When prices go down forMcDonald’sproducts,consumersdemand more of them.
McMakeover Deluxe
McDonald’s is getting a makeover. The fast-food forcehas launched its firstrestaurant redesign in 30 years.More than 6,000 locations will feature the new lookby year’s end.
Customers will have three zones to choose from,based on their dining needs.Counter seating will serveeat-and-run customers. Those looking to linger willfind soft lighting and plush chairs. Mingling teenscan cram tables together in a flexible seating area.
“It’s something McDonald’s should havedone years ago,” says restaurant analystHoward Penney. The design suggests a certaincoffee chain, but Penney says it could giveMcDonald’s an edge over fast-food rivals.
B. Which of these statements gives the best summary of the ideas in the text?
a)Netflix had hoped that lower prices wouldentice customers to rent more movies andthus increase its overall revenues. Thegamble paid off.
b)You can find cause-and-effect relationshipseverywhere, and they are especiallyimportant to businesses.
Netflix, Blockbuster Battle It Out
Netflix and Blockbuster continue to battle head to head in theonline movie rental arena. The monthly rental prices havedropped for DVD entertainment delivered to your door, orderedonline. . . . Entertainment culture at its best, it seems—lots of competitionand that is normally a better price point for the consumer.
[Reed Hastings, the CEO of Netflix, says,] “One of the reasonsour last year has been so successful is the market’s elasticity inresponse to our price cuts one year ago. . . . Obviously, if there’senough elasticity to make additional price cuts work, this wouldincrease the economic pressure on video stores, and the additionalstore closures would further increase Netflix growth for manyyears ahead.”
In 2006, Netflix expects to grow to 5.65 million subscribers withpretax net income between $50 million and $60 million.