4. Translate the word combinations into Russian.

Command economy, market economy, market place, market conditions, market failure, world market, barter market, flea market, human labour, labour object, labour means, monopoly power, monopsony power, negotiation power, minimum wage, price ceiling, advertising column, iron ore, steel object.

5. A) Study the following information.

one – 1) определение (attribute): числительное «один». E.g.:This is one definition of the term “market”. Это одно определение термина «рынок».

2) подлежащее (subject): не переводится, в русском языке предложение будет безличным. E.g.: One can produce more with fewer expenses. Можно производить больше с меньшими затратами.

3) слово-заместитель (word-substitute): не переводится, может стоять во множественном числе. E.g.:Economy has a local level and a national one. У экономики есть местный и национальный уровни.

b) Translate the sentences into Russian.

1. It is one of the most effective forms of market organization.

2. One major disadvantage of a barter market is that it doesn’t use money.

3. One cannot create animals.

4. For most goods the market is a national one.

5. One can convert animals into saleable products.

6. There can be black markets and virtual ones.

7. A market that runs under laissez-faire policies is a free one.

8. The journey from natural product to the completed good is usually a long one.

9. It is important that one should understand the differences between various types of markets.

10. There can be one market for cigarettes, another for chewing gum, and yet another for contracts for the future delivery of a commodity.

Grammar exercises

6. Study § 4.3 in Essential Grammar.

7. Define the functions of the Gerund in the sentences. Translate them into Russian.

1. Organizing a market for your product is very important.

2. Increasing the price means causing problems with consumers.

3. To remember about consumer preferences is important in determining consumer demand.

4. Market’s performing its functions is important for the work of the whole economy.

5. During the previous class we worked on defining economic terms.

6. Failing to maintain reputation may result in various negative consequences.

7. Scientists involved in examining economy as a whole are called macroeconomists.

8. Translate the following sentences from English into Russian. Pay attention to Gerund.

1. He insisted on viewing the locality.

2. He denied having been our supplier.

3. We enjoy working with your enterprise.

4. Prosperous entrepreneurs like running their own business.

5. I couldn’t help insisting on equal opportunities.

6. They enjoyed having been supplied with all the information.

7. Jack hates discovering his preferences.

8. I like being praised.

9. He insisted on being trained by a qualified specialist.

10. My brother likes having large profit.

9. Define the part of speech of the –ing form. Translate the sentences into Russian.

1 There are many types of markets existing today.

2. Production is people’s activities for satisfying their needs.

3. The meaning of this word is very wide.

4. Operating markets is an important task of economy.

5. In various types of markets the main means of exchange is money, barter markets using no currency.

6. Advertising is an important activity in the market.

7. People interacting in the market are called buyers and sellers.

8. One can help nature through scientific breeding.

9. Activities relating to production include providing market for the sale of the product.

10. Regulating economic activity is performed through state laws.