Unit 10. Consumer choice

Text 1. The Theory of Consumer Choice

1
behavioral assumption	поведенческое предположение
cross price of related goods	перекрестная цена связанных товаров
to respond to changes in market conditions	реагировать на изменения в рыночных условиях
the market environment	рыночная среда
bundle of goods syn. consumption bundle	набор товаров
to yield the consumer satisfaction	удовлетворять потребителя
to maximize satisfaction	максимизировать удовлетворение
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budget constraint	бюджетное ограничение (ограничение навеличину капитальных вложений)
allowance	денежное пособие
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maximum affordable quantity of a good	максимальное количество товаров, которое может приобрести покупатель
affordable consumption bundle	доступная потребительская корзина
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budget line	линия бюджетного ограничения
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to go(do) without smth	обходиться без чего– либо
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crucial role of prices	решающая роль цен
to cost twice as much as	стоить вдвое больше
the ratio of the prices of the 2 goods	соотношение цен двух товаров
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to confirm	подтверждать
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relative prices of the 2 goods	относительные цены двух товаров
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unaffordable	непозволительно дорогой
prevailing prices	превалирующие цены
satisfaction of wants	удовлетворение потребностей
to be out of reach	быть недостижимым
to leave income unspent	оставлять доход неизрасходованным

Translate into Russian and practice:

1. the properties of demand curves

2. to yield the consumer satisfaction

3. feasible bundles of goods

4. to make the trade off between one good and the other

5. to purchase goods out of available income

6. a balanced purchases of meals and films

7. the crucial role of prices

8. the ratio of the two goods

9. end – points of the budget line

10. to depend on the relative prices of the two goods

11. the point above the budget line (inside the budget line)

12. the quantity of the good that can be afforded

13. the budget available for spending

14. to leave income unspent

15. to represent consumer behavior

16. to summarize the properties of demand curves

17. income elasticity of demand

18. to build a model of consumer behavior

19. to respond to changes in market conditions

20. market environment

21. to spend the income

22. to rank different combinations of bundles of goods

23. a consumption bundle

24. to maximize satisfaction

25. a feasible bundle

26. a range of combinations of meals and films

27. the maximum affordable quantity of a good

28. an affordable consumption bundle

29. to make a choice

30. the relative prices of two goods

Text 2

marginal rate of substitution	предельный уровень замещения
utility	полезность
total utility	общая полезность
to comprise	содержать
to be reluctant	воздержаться
to gain	получать
robust	1.крепкий, прочный; 2. здравый, ясный (об уме) 3. грубый, шумный
robust reasoning	серьезное обоснование
sufficiently plausible	довольно вероятно
diminishing marginal rate of substitution	убывающая предельная норма замещения
successive increasing	последовательное увеличение
common–sense reasoning	здравая аргументация
indifference curve	кривая безразличия

Synonyms

• to maximize – to make the most of

• to rank – to put, arrange in order

• environment – surroundings

• to yield – to give, to produce

• to pick out – to choose

• to afford – to be able to buy

• to sacrifice – to give up

• unaffordable – beyond one’s financial means

• reasoning – explanation

Antonyms

• apart – together

• affordable – unaffordable

• to gain – to loose

Translate into Russian and practice:

1. marginal rate of substitution

2. to prefer more to less

3. to sacrifice abundant films for scarce meals

4. to change total utility

5. to tend to increase utility

6. to hold utility constant

7. to give up some good in exchange for another

8. to obtain the same amount of utility

9. to be reluctant to sacrifice smth

10. a robust reasoning

11. a wide range of circumstances

12. to obtain successive equal increases in the quantity of a good

13. to remain unaltered

14. to gain a meal

15. common – sense reasoning

16. diminishing marginal rate of substitution

17. successive increase

18. to rank alternative bundles according to