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III. Memorize the following word-combinations.

Use them in the sentences of your own:

at a price /at a high cost — за високою ціною

contract price — договірна ціна

cost price — собівартість

free-market price — ціна за умов вільної конкуренції

price control — контроль над цінами

price level — рівень цін

prices and incomes policy — політика цін і доходів

pricing — калькуляція цін

purchase price — купівельна ціна

retail/wholesale price — роздрібна/оптова ціна

security price — курс цінних паперів

share/stock prices — курс акцій, біржовий курс

to keep the prices down — не допускати підвищення цін

to set/fix a price — призначати ціну

IV. Translate the sentences paying attention to the italicized words:

1. He sold the house at a good price. 2. It must be done at any price. 3. You can’t put a price on that sort of loyalty. 4. This restaurant is a bit pricey for me. 5. The government usually sets prices for public utility services. 6. Ask the builder to give you a price for the work. 7. I can’t afford it at that price. 8. Fresh strawberries are now available at a price. 9. The price of cigarettes is set to rise again. 10. These goods are priced too high. 11. What price all your promises now? 12. You look absolutaly priceless in that hat. 13. Supply and demand determine prices in a market economy. 14. In a free market price is determined by the market forces of demand and supply.

V. Fill in the blanks with prepositions or adverbs if necessary:

1. Prices play an important role ... all economic markets. 2. Prices act as signals ... a market economy. 3. A high price is a signal ... producers to produce ... and ... buyers to buy ... . 4. Prices serve as a link ... producers and consumers. 5. Prices favour neither ... the producer nor ... consumer. 6. Prices come ... as a result ... competition ... buyers and sellers. 7. The price system ... a market economy is flexible. 8. Unforseen events can affect ... the prices ... some ... items. 9. The sellers come ... the market hoping ... high prices. 10. Market equilibrium is a situation where prices are stable and there is neither ... a surplus nor a shortage ... the market.

VI. Match each term in Column a with its definition in Column b:

Column A Column B

1. free enterprise

a. Money value of a good or service.

2. price system

b. A situation where the quantity demanded is

greater than the quantity supplied.

3. shortage

c. An economic system based on the private

ownership of property, competition and the profit

motive.

4. market price

d. Economic system in which resources are allocated

as a result of the forces of supply and demand.

5. surplus

e. A consumer’s willingness and ability to buy

a product or service at a particular time and

place.

6. purchasing power

f. The price of a good or service at which

the quantity demanded matches the quantity

supplied.

7. price

g. A situation where the quantity supplied is greater

than the quantity demanded.

8. market equilibrium

h. A situation where prices are relatively stable and

there is neither a surplus nor shortage in

the market.

  1. Define which of the following items best completes

the statement:

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