Foundations of Economics. Учебное пособие
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XI. |
Retell the both texts in short using your plan. |
XII. |
Read the following text without a dictionary. Retell the content |
in Russian:
DIFFERENT KINDS OF MONEY
In prisoner-of-war camps, cigarettes served as money. In the nineteenth century money was mainly gold and silver coins. These are examples of commodity money, ordinary goods with industrial uses (gold) and consumption uses (cigarettes) which also serve as a medium of exchange. To use a commodity money, society must either cut back on other uses of that commodity or devote scarce resources to producing additional quantities of the commodity. But there are less expensive ways for society to produce money.
A token money is a means of payment whose value or purchasing power as money greatly exceeds its cost of production or value in uses other than as money.
A £10 note is worth far more as money than as a 5 6-inch piece of high-quality paper. Similarly, the monetary value of most coins exceeds the amount you would get by melting them down and selling off the metals they contain. By collectively agreeing to use token money, society economizes on the scarce resources required to produce money as a medium of exchange. Since the manufacturing costs are tiny, why doesn't everyone make £ 10 notes?
The essential condition for the survival of token money is the restriction of the right to supply it. Private production is illegal.
Society enforces the use of money by making it legal tender. The law says it must be accepted as a means of payment.
In modern economics, token money is supplemented by IOU
money.
An IOU money is a medium of exchange based on the debt of a private firm at individual.
A bank deposit is IOU money because it is a debt of the bank. When you have a bank deposit the bank owes you money. You can write a cheque to yourself or a third party and the bank is obliged to pay whenever the cheque is presented. Bank deposits are a medium of exchange because
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they are generally accepted as payment.
UNIT 14
ADVERTISING
I. Topical vocabulary. Read the words.
-Advertising – " , ;
-Basically – ";
-,onsumer advertising – " ,
";
-To typify – " ", "
" ";
-So forth – ;
-Mass communication – " "";
-Purchaser – ;
-In an effort to do smth. – , , ;
-To presell – , " ;
-Advertiser – ";
-From – ( .) ;
-Trade advertising – " ,
" ;
-Wholesaler – ;
-Retailer – ;
-Broker – ;
-To persuade – ;
-To stock – , " ;
-In turn – ;
-Directed at – ;
-Customer – , , ;
-Supplier of services – - ;
-Raw materials – ;
-Disposable – , "- ;
-Apart from – ", , ;
-Media selection – ";
-To tend to – "- .;
-Stage – , , ., ;
-To adopt – ";
-Rate – ;
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II.Translate these words without a dictionary:
ordinary |
orientation |
communication |
selection |
potential |
regular |
distribution |
specialized |
III.Skim the text. Try to understand the general sense.
IV. |
Translate the text. Make the plan. |
TYPES OF ADVERTISING
There are basically three types of advertising, namely:
1.Consumer advertising is advertising aimed at the ordinary consumer and is typified by what is seen on TV, heard on the radio or read in newspapers, magazines and so forth. This is mass communication aimed at large numbers of potential purchasers in an effort to pre-sell advertiser’s products to them and to create demand from targeted consumers.
2.Trade advertising, i.e. advertising aimed at wholesalers, retailers, brokers, agents and those who are part of an advertiser's distribution system. Wholesalers buy from the advertiser, retailers buy from the wholesaler and sell to the consumer. The purpose of trade advertising is to persuade wholesalers and retailers to stock the advertiser's products, which in turn is easier for the consumer to find and purchase the advertiser’s product.
3.Business to users advertising, i.e. advertising directed at industrial consumers. Here, advertisers' products are bought by industrial customers, who use them as suppliers of services, e.g. raw materials, or as consumers, e.g. buyers of disposable hats.
The basic principles of advertising are common to each type of advertising, apart from the fact that orientation and media selection will tend to be more specialized for the second and third types of advertising.
There are five stages through which a potential consumer passes before adopting a new product. We might call these acceptance stages. Each individual is likely to go through the process at a different rate and many will not become regular users.
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TEXT ASSIGNMENTS
V.Answer the following questions:
1)How many types of advertising are there?
2)What are each of them aimed at?
3)How many stages through which a potential consumer passes before adopting a new product are there?
VI. |
Say whether the following statements are true or false: |
1)Advertising aimed at the ordinary consumer is called consumer advertising.
2)Business to users advertising is advertising directed at wholesalers, retailers, brokers and agents.
3)Trade advertising is advertising aimed at those who are part of an advertiser's distribution system.
4)The purpose of trade advertising is to persuade wholesalers and retailers to stock the advertiser's products.
5)There are at least seven stages through which a probable consumer passes before buying a new product.
6)At business to users advertising advertisers' products are bought by industrial customers, who use them as suppliers of services.
7)Each type of advertising has general basic principles of advertising.
8)Orientation and media selection will seek to be more focused for the second and third types of advertising.
VII. Choose a preposition in black type to fit the gaps in the sentences below. Some of them may be used several times. Consult the text if necessary. Translate these sentences:
at |
as |
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on |
by |
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through |
for |
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from |
in |
to |
1)This is mass communication aimed … large numbers of potential purchasers.
2)Advertising aimed … the ordinary consumer and is typified … what is seen … TV, heard … the radio or read … newspapers.
3)Retailers buy …the wholesaler and sell … the consumer.
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4)Advertising directed … industrial consumers.
5)Advertisers' products are bought … industrial customers, who use them … suppliers of services.
6)Orientation and media selection will tend to be more specialized … the second and third types of advertising.
7)Each individual is to go … the process at a different rate.
VIII. Give the Russian translation of the following words. Make sentences with them.
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to be aimed at |
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wholesaler |
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advertising |
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ordinary consumer |
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purchaser |
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retailer |
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suppliers of services |
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advertiser’s product |
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IX. |
Give English words for the next definitions. Consult the |
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1) |
Those who buy any product. |
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2) |
Who sales a whole number of products. |
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3) |
Who presents the products on TV and so on. |
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4) |
Those who sale goods separately. |
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5) |
The way of presenting the new products. |
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6) |
Where people get information from. |
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7) |
Those who deliver goods. |
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8) |
A choice between some goods. |
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X. |
Give English equivalents to the following sentences: |
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XI. |
Retell the text using your plan. |
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TEST
I. Translate these passages without a dictionary filling in the gaps with the words and word expressions given above these ones:
wasteful |
market |
demand |
bank deposits |
perfectly-competitive |
job creation |
store of value |
perfect competition |
1.Trading is very expensive in a barter economy. People must spend a lot of time and effort finding others with whom they can make mutually satisfactory swaps. Since time and effort are scarce resources, a barter economy is …. The use of money — any commodity generally accepted in payment for goods, services, and debts — makes the trading process simpler and more efficient.
2.… is often represented by a table or a graph showing price and quantity demanded. Demand theory describes individual consumers as rationally choosing the most preferred quantity of each good, given income, prices, tastes, etc. A term for this is 'constrained utility maximization'. Here, utility refers to the hypothesized relation of each individual consumer for ranking different commodity bundles as more or less preferred.
3.A … is a shorthand expression for the process by which households' decisions about consumption of alternative go firms' decisions about what and how to produce, and workers' decision about how much and for whom to work and reconciled by adjustment of prices. Prices of goods and of resources, such as labor, machinery and land, adjust to ensure that scarce resources are used to produce those goods and services that society demands.
4.In … markets studied in the theory of supply and demand, there are many producers, none of which significantly influence price. Industrial organization generalizes from that special case to study the strategic behavior of firms that do have significant control of price. It considers the structure of such markets and their interactions. Common market structures studied besides perfect competition include monopolistic competition, various forms of oligopoly, and monopoly.
5.Such analysis includes the theory of supply and demand. It also
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examines market structures, such as … and monopoly for implications as to behavior and economic efficiency. Analysis of change in a single market often precedes from the simplifying assumption that relations in other markets remain unchanged, that is, partial-equilibrium analysis.
6.It should be evident that the key to maintaining full employment is …. As long as new jobs are being created at a sufficient rate to absorb people leaving old jobs as well as new entrants to the labor force, the economy can experience a large number of layoffs and yet not have an unusually high unemployment rate.
7.When you have a bank deposit the bank owes you money. You can write a cheque to yourself or a third party and the bank is obliged to pay whenever the cheque is presented. … are a medium of exchange because they are generally accepted as payment.
8.To be accepted in exchange, money has to be a … . Nobody would accept money as payment for goods supplied today if the money was going to be worthless when they tried to buy goods with it tomorrow. But money is neither the only nor necessarily the best store of value. Houses, stamp collection, and interest-bearing bank accounts all serve as stores of value.
II. Give as many as possible synonyms to each of the following words without consulting a dictionary:
to address |
unskilled |
to concern |
to equate |
to emerge |
scarce |
distinction |
cost |
supply |
failure |
equilibrium |
accumulation |
to ensure |
unemployment |
III.Paraphrase the following in English:
1)The theory considers aggregates of quantity demanded by buyers and quantity supplied by sellers at each possible price per unit.
2)Prices are guiding your decision to buy a hamburger.
3)Market equilibrium occurs where quantity supplied equals quantity demanded.
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4)It draws heavily from quantitative methods.
5)The term "market failure" encompasses several problems which may undermine standard economic assumptions.
6)Macroeconomics has addressed a long-standing concern about inconsistent developments of the same subject.
7)Externalities occur where there are significant social costs or benefits from production or consumption that are not reflected in market prices.
8)The change in the unemployment rate represents the difference between relationships newly broken and relationships newly started.
9)Orientation and media selection will tend to be more specialized for the second and third types of advertising.
10)Much applied economics in public policy is concerned with determining how the efficiency of an economy can be improved.
IV. Complete the following:
1)Economics is ….
2)Microeconomics is…
3)A market is…
4)Production is…
5)Supply is...
6)Development economics seeks…
7)Demand-and-supply analysis is used…
8)Macroeconomic analysis considers…
9)The unit of account is…
10)Consumer advertising is…
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REFERENCE
1.Economics [/ ] – " : http://www.en.wikipedia.org/wiki/Economics .
2.' * - : # 3 . / I.). 3 [.]; -. . I.). 3. – 5- ., . – .:
, 2000. – 832 .
3., .3. / " : /.3. ,, $.$. <. – .: !- '1 3 (!.
'1 3—!' 3 • ), 2001. – 456 .
4./ " : " / . 0. . *. – .: # 1995. – 536 .
5.!, 3.3. 3 "": /
3.3.!, 3.,. ,. – .: , 2000. – 448 .
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