XV. Speaking.

1. You are aware of the fact that crime may be related to economic factors. In particular, you believe it may have something to do with people not getting jobs.

   1. How would you test your idea? What data would you want and why?

   2. Where would you look for the data?

   3. What ‘other things equal’ problem would you want to keep in mind?

2. You are on the university theatre advisory board and have to help set the price for tickets. Your aim is the maximum possible revenue for the theatre. Describe the model of the relationship between the price of tickets and total revenue.

Unit 7. Supply and demand (1)

1. Find the following word-combinations in the texts and translate them into Russian.

1. we define the market, a set of arrangements, to bring together the buyer and the seller, to operate through intermediaries, to transact business, to stock the shelves, to bid against each other, superficially different, to guide resource allocation, to purchase at each conceivable price, to become lucrative, distinction

2. equilibrium price, to approach the problem diagrammatically, the horizontal axis, to plot the point, to obtain the demand curve, to re-examine the analysis of excess supply, voluntary participation, to involve buyers in forced purchases, to reconsider price determination, to bid up the price, to eliminate excess demand

2. Find in the texts English equivalents for the following.

1. цены служат ориентиром для распределения ресурсов, фондовая биржа, от имени клиента, устанавливать цену, гарантировать, сосредоточиться на основных характеристиках, изучить взаимодействие этих сил, поведение покупателя и продавца, назначать цену, диапазон цен, ограниченное количество шоколада будет востребовано, при прочих равных, стимул поставлять товар, быть боле точным, как цена корректируется (регулируется), чтобы сбалансировать объем спроса и предложения, стремиться увеличить поставки

2. условия на рынке, цена на шоколад, обозначить, рыночное равновесие, ниже равновесной цены, сокращать (урезать) цены

2. Say what is meant by:

the quantity demanded, the quantity supplied, a market is a set of arrangements, at antique auctions the sellers take a passive role, the prices guide the society in choosing what, how, and for whom to purchase, price and quantity cannot be considered separately, buyers bid against each other, to stock the shelves, at each conceivable price, even when chocolate is free only a finite amount will be wanted

2. Listening.

1. Listen to the lecture.

2. Take notes to give an oral summary of it.

V. Match the words (1 – 13) with their corresponding definitions (a – m):

1. market

2. feature

3. each conceivable price

4. to charge

5. supply

6. demand

7. the quantity supplied

8. the quantity demanded

9. econometrics

10. a surplus

11. intersection

12. a shortage

13. the market equilibrium price

1. a distinct property or piece

2. toasksomeonetopayanamountofmoneyforsomethingthatyouaresellingtothemordoingforthem

3. maximum quantity of a good that sellers are willing to supply at a given price (over a fixed period of time)

4. the quantity demanded equals the quantity supplied at that price

5. any place where the sellers of a particular good or service can meet with the buyers of that goods and service where there is a potential for a transaction to take place

6. the amount of any commodity actually produced and available for purchase

7. each and every possible price

8. a point or line common to lines or surfaces that intersect

9. the branch of statistical theory concerned with the analysis of economic phenomena, in particular the application of statistical methods to economic data.

10. the quantity of a good or service that people want to buy

11. maximum quantity of good that buyers are willing to buy at a given price (over a fixed period of time)

12. occurs if the price is below the market equilibrium price

13. occurs if the price is above the market equilibrium price