Vocabulary exercises

I. Give the corresponding nouns to the following verbs:

a) to offer, to process, to supply, to change, to demand, to care, to price, to tax, to cost, to produce, to increase, to market, to state;

b) to consume, to differ, to select, to decide, to divide, to sell, to execute, to define, to depreciate, to lease, to operate, to pay, to analyse.

II. Find equivalents:

1. consumption of goods and services 2. at the same time 3. to be concerned with smth 4. to take in depreciation 5. schedule of quantities 6. to prevail in the market 7. decision-making process 8. issue of cost 9. fixed cost 10. variable cost 11. total cost 12. marginal cost

а. процес прийняття рішення б. загальні витрати в. фіксовані витрати г. додаткові витрати д. займатися чимось е. водночас є. споживання товарів та послуг ж. включати знецінення з. тариф кількостей и. панувати на ринку і. поява ціни ї. змінні витрати

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

1. His parents keep him well supplied with cash. 2. Fresh vegetables are in short supply at this time of year. 3. People who offer an economic product for sale are suppliers. 4. Money supply is the total amount of money in circulation. 5. Ukraine has insufficient water supplies. 6. Planes dropped food and medical supplies to the stranded villagers. 7. Supply and demand determine prices in a market economy. 8. You promised us fuel, but can you guarantee its supply?

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

Column A Column B

1. supply	a. The additional cost of producing an extra unit of output.
2. total costs	b. Everyone who offers an economic product for sale.
3. the Law of Supply	c. Costs that increase as the number of units produced increases.
4. variable costs	d. A table showing the quantities of a product that would be offered for sale at various prices at a given time.
5. supply schedule	e. Number of items offered for sale at each of several prices.
6. marginal cost	f. Sellers will offer more of a product at a higher price and less at a lower price.
7. supplier	g. Costs that remain the same regardless of the amount of business done by the firm.
8. fixed costs	h. The sum of the fixed and variable costs.

V. Define which of the following items best completes the statement:

1. The law of supply states

a. buyers will purchase more at lower prices than at higher prices. b. sellers will produce more at higher prices and less at lower prices.

c. quantities offered for sale do not depend on price.

d. consumers buy more at high prices and less at lower prices.

2. As output increases

a. total costs fall.

b. fixed costs increase.

c. overhead costs per unit fall.

d. total variable costs fall.

3. A producer is most likely to increase the quantity of a product

supplied when

a. the consumer will pay a higher price for the product.

b. the quantity demanded decreases.

c. production costs increase.

d. there is government regulation.

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

1. Business people think ... demand as the consumption ... goods and services. 2. Economists are concerned ... market as a whole. 3. Supply means the quantity ... a product supplied ... the price prevailed ... the time. 4. Supply is defined as a schedule ... quantities that would be offered ... sale ... all ... the possible prices that might prevail ... the market. 5. The law ... supply states that the quantity ... an economic product offered ... sale varies directly ... its price. 6. ... productivity affects ... both ... cost and supply it is important that care can be taken ... selecting the proper materials.