III. Vocabulary Reinforcement

A. Vocabulary

Match the words with their definitions.

competition, n	the repeated process of an event from the beginning to the end
income, n	a transfer of the ownership of personal property to the buyer
sale, n	communication, personal interaction, activity or request such as orders, purchases, changes
cycle, n	someone who buys goods and services
transaction, n	advantage
advance, n	a “game” which firms play to achieve a long-term advantage on the market
customer, n	an exchange of a security (goods, bonds, currencies, or any valuable financial instrument) for "cash"
exchange, v	give lacking money to a person or a company for a certain purpose
subsidize, v	transferring smth to another person (or an agency) getting from him another thing in return
benefit, n	rise in amount or rate; increase

B. Word Families

Complete the chart.

Verb	Adjective	Noun
transact
	competitive
	beneficial
advance
consume
		trade
sell
	productive
	distributive

C. Word Groups

1. Match the words having similar meanings.

benefit	transaction
advance	manufacture
business	advantage
consume	cost
produce	improve
price	use

2. Match the words having opposite meanings.

produce	spend
starve	output
supply	accept
offer	demand
input	survive
earn	consume

3. Form antonyms to the following words by means of prefixes or suffixes. Use a dictionary to make sure you are right.

Competitive, advantage, productive, use, beneficial, traditional, order,

satisfaction, limited, stable, efficient.

D. Word Fields

1. Which of the words and phrases below are associated with the following: 1) the concept of the market, 2) the concept of traditional economy?

Tradition, distribution, an advanced society, planning, stability, transaction, governmental control, innovation, supply, demand, fixed prices, buyer, seller, command economy, competitiveness, stagnation, inflation, benefit, transaction, competition, social disorder, a primitive society, inefficient type of economy.

E. Word Usage

1. Complete: use an appropriate preposition where necessary.

from, to, between, on, at, for (2)

1. If you buy bread at a local shop, you buy it … the market.

2. A transaction is a deal … a buyer and a seller.

3. We produce tractors … international markets.

4. Your goods are not competitive … the domestic market.

5. We produce practically everything … ourselves as we live in a remote village.

2. Linking: match the first half of each sentence with the most appropriate second half.

1. A market can be defined as …	a) governmental or social control.
2. Primitive societies base their economies on ...	b) the extension of how things work in the nature.
3. We live on our own without ...	c) demand.
4. A market process is ...	d) customs, beliefs and traditions.
5. The economy stagnates if there is no ...	e) price mechanism.
6. A market process is regulated through the …	f) buyers, sellers, producers, distributers.
7. The participants of a market are ...	g) the structure that allows buyers and sellers to transact.
8. It is unreasonable to start producing anything without learning the ...	h) competition.