Unit 7 supply and demand (1)

Texts 3-1 and 3-2 (pages 63 – 66)

1. The text “Supply and demand” has 8 paragraphs.

Choose the correct heading for each paragraph (1-8) from the list of headings(i – xiv) below.

1. Take account of ‘other things’

2. Not a sufficient quantity

3. The simulation necessity to realize the proceeding

4. The demand/supply schedule relationship

5. The markets mentioned above implement equal activities

6. Demand and supply definitions

7. The quantity demanded/supplied examples

8. The market model coherence

9. Identical tasks performance

10. The ground size and football tickets interdependency

11. Various mkt types

12. The market sample

13. Market intermediation

14. The terms odds

2. Complete each sentence with the correct ending, A-J, below.

1. When you need a new pair of high tops, want a bagel and a latte, plan to upgrade your PC, or need to fly home for Thanksgiving, you must

2. A market is any arrangement that

3. There are also markets for money

4. Some markets are physical places where the buyers and sellers meet and where an auctioneer or a broker

5. The e-commerce markets and currency markets are

6. Each buyer can visit several different stores, and each seller

1. unorganized collections of buyers and sellers.

2. knows that the buyer has a choice of stores.

3. find a place where people sell those items or offer those services.

4. limits what can be traded in markets.

5. helps to determine the prices.

6. such as Japanese yen and for financial securities such as Yahoo! stock.

7. groups of people spread around the world who never meet and know little about each other but are connected through the Internet or by telephone and fax.

8. vary in the intensity of competition that buyers and sellers face.

9. do most of your trading in this type of market.

10. enables buyers and sellers to get information and to do business with each other.

3. Do the following statements agree with the information given in the text?

Use TRUE if the statement agrees with the information

FALSE if the statement contradicts the information

NOT GIVEN if there is no information on this

1. A typical market model is required to study demand and supply interaction.

2. Economic functions of different markets are distinct.

3. At auctions intermediaries bid against each other on behalf of buyers.

4. Ford’s output exceeds Rolls Royce’s one.

5. There is no way to supply without benefit.

4. Complete the sentences below.

Choose NO MORE THAN THREE WORDS for every sentence.

1. …. that guarantee that the quantity wanted to purchase is the same as the quantity wanted to sell are defined by ….

2. The model of the typical market required is focused on inherent characteristics, namely ….

3. It is necessary to realize that the terms demand and the quantity demanded ….

4. Delivery advances would affect the ‘other things’ …. the chocolate bars supply.

5. Other things equal, the lower the …. , the higher the quantity of chocolate demanded.