- •U n I t 10
- •Reading drills
- •1. Practise the pronunciation of the following words:
- •Comments
- •Vocabulary exercises
- •II. Match the synonyms:
- •III. Match the antonyms:
- •IV. Fill in the blanks with prepositions or adverbs if necessary:
- •V. Memorize the following word-combinations.
- •VI. Translate the sentences paying attention to the italicized words:
- •1. The demand for a good is elastic when
- •Reading drills
- •1. Practise the pronunciation of the following words:
- •Comments
- •Vocabulary exercises
- •I. Give the English equivalents for:
- •III. Insert the article the or a(n) :
- •IV. Complete the following sentences:
- •VI. Answer the following questions:
- •Reading drills
- •1. Practise the pronunciation of the following words:
- •Comments
- •Vocabulary exercises
- •I. Form adverbs from the following adjectives:
- •III. Fill in the blanks with prepositions or adverbs if necessary:
- •IV. Match each term in Column a with its definition in Column b:
- •V. Define which of the following items best completes the statement:
- •1. Demand curves
- •2. A typical demand curve
- •VII. Complete the following sentences:
- •VII. Change the sentences into the Passive Voice without leaving out
- •VIII. Change the sentences into the Passive Voice leaving out
- •IX. Use the Passive Voice according to the patterns:
- •X. Translate into English:
- •XI. Translate into Ukrainian:
- •XII. Open the brackets, using the correct form of the Active or Passive Voice:
- •XIII. Open the brackets, using the correct form in the Passive Voice:
- •XIV. Translate into English:
- •XV. Choose a suitable phrase to accompany the Passive
- •XVI. Insert the auxiliary or modal verb:
- •XVII. Translate into English:
- •The Passive Voice. Perfect Tenses
- •XVIII. Make the following sentences interrogative and negative:
- •XIX. Open the brackets, using the Passive Voice:
- •XX. Put the sentences into the Passive mentioning the agent where
- •XXI. Translate into Ukrainian:
- •XXVI. Translate into English:
- •XXXII. Translate into Ukrainian:
- •III. Insert the auxiliary or modal verb:
- •IV. Translate into English:
- •V. Add of if possible:
III. Insert the article the or a(n) :
Pattern: There is ... demand for steel. ... demand for steel is increasing.
There is a demand for steel. The demand for steel is increasing.
1. There is ... shortage of bananas. ... shortage of bananas will continue for some weeks. 2. There has been ... change of government. ... change in government will probably mean a change of policy. ... change of policy may lead to ... short period of instability. ... short period of instability could create ... feeling of insecurity. 3. The speaker suggested ... special commission to study economic conditions. He said that ... special commission should examine all aspects of national economic life. ... commission should investigate ... demands of ... workers and ... conditions under which they work. It should also hear ... views of ... employers. Such ... commission would render ... very valuable service to ... nation.
IV. Complete the following sentences:
1. Economists define demand ... . 2. Money has no value in itself, but serves ... . 3. When we exercise our choice ... . 4. Our decisions indicate ... . 5. Elasticity of demand is ... . 6. Demand is inelastic when ... . 7. We buy basic necessities even if ... .
Say whether these statements are true or false and if they are
false say why:
1. When people offer money for particular goods, they indicate that a demand exists. 2. Money is usually valuable in itself. 3. People do not usually have everything they want. 4. Our decisions on how to use our money show what we need most and what we are willing to do without. 5. Basic needs come before luxuries. 6. Demand for essential commodities is always elastic.
VI. Answer the following questions:
1. Elasticity of supply, as a response to changes in price, is related to demand, isn’t it? 2. What is the definition of demand? 3. How is demand indicated? 4. What is money? 5. What do we do when we exercise our choice? 6. What comes second in our scale of preferences? 7. What is our third priority? 8. What is elasticity of demand? 9. When is demand inelastic?
Retell the text B using the following words and
word-combinations:
Elasticity of supply; changes in price; consumer’s desire; to offer money; particular goods or services; means of exchange; income; elasticity of demand; essential commodities; personal pleasure; relatively cheap; basic necessity; non-essentials; personal scale of preferences; accordingly; the prices rise steeply.
Reading drills
1. Practise the pronunciation of the following words:
a) stress the first syllable:
actually, purchasing, merely, obviously, frequently, normally, influence, substitute, constant, variable, curve, slope, downwards, range, shift;
b) stress the second syllable:
assume, support, particular, demander, analysis, relate, remain, position, commodity.
Text C
In economic theory, demand means the amount of a commodity or service that economic units are willing to buy, or actually buy, at a given price. In economic theory, therefore, demand is always effective demand, i.e., demand, supported by purchasing power1, and not merely the desire for a particular commodity or service.
Obviously, demand is not only influenced by price, but also by many other factors, such as the incomes of the demanders and the prices of substitutes. In economic analysis, these other factors are frequently assumed to be constant. This allows one to relate a range of prices to the quantities demanded in what is called the demand function (with price as the independent and demand as the dependent variable) and to graph this relationship in the demand curve.
The demand curve2 is the graphical representation of the demand function, i.e., of the relationship between price and demand. It tells us how many units of a particular commodity or service would be bought at various prices, assuming that all other factors (such as the incomes of the demanders and the prices of substitutes) remain unchanged. The demand curve normally slopes downwards from left to right, which means that more is bought at low prices than at higher prices. A famous exception to the rule of a downward-sloping demand curve is the Giffen paradox3. If the condition that all other factors remain unchanged is relaxed and the incomes of the demanders, for instance, are allowed to change, then the whole demand curve will shift its position.