Supply, Demand and Market Price

ECONOMICS 3: The aim of the lesson is to teach you to scan various articles in order to grasp the main idea and locate details across the text. You’ll go on learning to articulate your ideas and substantiate your views on economic issues.

1. Vocabulary Study. Match the words with their meanings and provide their Russian equivalents:

attuned concede conspicuous constant contemporary conventional diminishing equilibrium

borderline exercise influence possibility, promise decrease, lessen yield, give up operate increase to greatest amount in accord

exert function leisure marginal maximize stifle tendency potential

inclination, likelihood ordinary, usual of the same time unchanging, at the same level easily seen equal balance free time prevent, suppress

2. Paraphrase the entire sentence into English and Translate into Russian at home and back translation practice in class.

• Their investments were not attuned to their future goals.

• The workers conceded on salary increases in order to retain their retirement benefits.

• With the closing of several of its branch offices, the economic problems of the company were quite conspicuous.

• If production costs remain constant and the market demand increases, the company can count on higher profits.

• Sociologists tend to be more interested in contemporary problems than they are in the past.

• Since conventional approaches were not proving successful, the company was experimenting with a completely new strategy.

• Parents of college-aged children find their savings diminishing because of the high cost of university education today.

• The introduction of high quality, low cost foreign goods into the local market upset the equilibrium of the economy.

• With recent court decisions guaranteeing their rights, that interest group is exerting more political influence.

• The research division of the company functions as a laboratory.

• Following a long, successful career, she looked forward to her retirement and more time for leisure.

• Though single-owner businesses remained profitable, their influence upon the economic policies of the city was marginal.

• People can live successful lives if they learn how to maximize their potential and not let their weaknesses get in the way.

• Unfavourable reports on the new product stifled consumer interest.

• When interest rates at the banks are low, people have the tendency to spend their money rather than put it into savings.

• Though he graduated at the top of his class, he never fulfilled his potential as a lawyer.

3. Choose a few utterances from the above list that can be used as important rules for us to follow in our life, and provide a sentence or two of agreement or disagreement.

E. g., In order to retain their retirement benefits, people ought to concede on salary increases. They should think of future expenses when retired.

4. Scan the article “Adam Smith and the Wealth of Nations”. Sum up the main ideas conveyed in the article and answer the following questions: