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Киевский национальный экономический университет им. В. Гетьмана
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[НЕСОРТИРОВАННОЕ]
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the flesh and blood of the economic system – плоть та кров економічної системи;

Exercise 1. Read, translate into Ukrainian in written form and memorize the definitions of the following economic terms and concepts.

  1. Equilibrium: A condition of a market in which buyers’ and sellers’ plans exactly coincide, so that the quantity supplied exactly equals the quantity demanded at a current price.

____________________________________________________________________________________

______________________________________________________________________________________________________________________________

  1. Equilibrium price: the price at which the quantity of goods or services offered by suppliers is exactly equal to the quantity that is demanded by purchasers in a particular time period.

____________________________________________________________________________________

______________________________________________________________________________________________________________________________

  1. Excess demand (shortage): the amount of a product that could be sold at a price lower than the market price.

____________________________________________________________________________________

__________________________________________

  1. Excess supply (surplus): the amount of a product available at a price higher than the market price.

____________________________________________________________________________________

__________________________________________

  1. Market clearing: the equality of supply and demand.

____________________________________________________________________________________

  1. Market price: the price that prevails in a market and at which commodities are actually exchanged for money.

____________________________________________________________________________________

__________________________________________

  1. Price: the money value of goods and services.

____________________________________________________________________________________

  1. Price system: an economic system in which resources are allocated as a result of the interaction of the forces of supply and demand.

________________________________________________________________________________________________________________________________________________________________________

Exercise 2. Give the Ukrainian equivalents for the following.

  1. the pricing of goods and services __________________________________________________

  1. price-directed market economies __________________________________________________

  1. the interaction of supply and demand _______________________________________________

  1. a unit of goods or services ________________________________________________________

  1. to make production and consumption decisions _______________________________________

  1. to put a similar limit on __________________________________________________________

  1. the quantity supplied of a certain product exactly equals the quantity demanded -____________

_____________________________________________________________________________

  1. at prices above the equilibrium price _______________________________________________

  1. to bring the market back into equilibrium ____________________________________________

  1. in response to the lower prices ____________________________________________________

  2. until the equilibrium is restored ___________________________________________________

  1. a decrease in both the equilibrium price and equilibrium quantity _________________________ _____________________________________________________________________________

  1. to balance out the market ________________________________________________________

  1. the rationing effect of prices ______________________________________________________

  1. to send messages to _____________________________________________________________

  1. allocative efficiency ____________________________________________________________

  1. to stress the importance of the price system __________________________________________

  1. to be in demand at each price _____________________________________________________

  1. by responding to consumer demand ________________________________________________

  1. the quest for greater effciency _____________________________________________________

  1. to assign values to the work ______________________________________________________

Exercise 3. Find the English equivalents for the following.

  1. вкрай чогось хотіти ____________________________________________________________

  1. лежати в основі _______________________________________________________________

  1. за такої системи/при такій системі _______________________________________________

  1. об’єднати два поняття __________________________________________________________

  1. бути обмеженим законом попиту ________________________________________________

  1. величина пропозиції дорівнює величині попиту ____________________________________

_____________________________________________________________________________

  1. ринкова ціна пристосовується/узгоджується _______________________________________

_____________________________________________________________________________

  1. реакція ціни __________________________________________________________________

  1. за цінами нижчими за рівноважну ціну ___________________________________________

  1. товари та послуги швидко розкуповуються ________________________________________

  1. величина попиту та величина пропозиції однакові __________________________________

  1. криві перетинаються ___________________________________________________________

  1. спонукати виробництво ________________________________________________________

  1. витискувати виробників з ринку _________________________________________________

  1. функція мотивації виробництва __________________________________________________

  1. рівень обсягу виробництва ______________________________________________________

  1. економічна ефективність виробництва ____________________________________________

  1. передавати інформацію/інформувати _____________________________________________

  1. бажання виробників мати прибуток ______________________________________________

  1. досягти успіхів у конкурентній боротьбі __________________________________________

  1. бути наділеним талантом, вмінням, інтелектом, освітою або спеціальною підготовкою ___

_____________________________________________________________________________

Exercise 4. Match these adjectives and nouns as they occur together in the text: translate the expressions they make into Ukrainian.

allocative

limit

economic

efficiency

efficient

consequence

free

production

inevitable

efficiency

productive

equilibrium

similar

market

Exercise 5. Match these nouns/noun phrases, prepositions (if necessary) and nouns/noun phrases as they occur together in the text: translate the expressions they make into Ukrainian.

an equilibrium

to

for

profit

a price

a product

the producers’ desire

level

a profit

supply and demand

a signal

greater effciency

an equilibrium

motive

an interaction

sellers

the quest

response

Exercise 6. Match the verbs/verbal phrases, prepositions (if necessary) and nouns/noun phrases as they occur together in the text: translate the expressions they make into Ukrainian.

to ration

by

in

at

to

into

competitive activity

to be equal

the heart of

to bring

scarce resources

to succeed

an assumption

not to be set

the quantity demanded

to introduce

equilibrium

to lie

government

to refer

new production methods

Exercise 7. Copy out from the texts the sentences containing the following words and word- combinations and translate these sentences into Ukrainian.

  1. most democracies - _____________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  2. make production and consumption decisions - ________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  3. to find equilibrium prices - ________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  4. refers to an assumption - _________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  5. this price response - _____________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  6. the equilibrium level - ___________________________________________________________

___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  1. are in equilibrium - ______________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  2. the level of output - _____________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  3. the quest for - __________________________________________________________________ ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  4. buy a desired product - ___________________________________________________________ _____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Exercise 8. Choose from the box the words and word-combinations having the same or similar meaning to the words listed below. More than one is possible.

  1. знаходитись рівновазі (3)

  1. в пошуках чогось (3)

  1. в середньому (2)

  1. дорівнювати (3)

  1. досягати мети (4)

  1. економічна ефективність виробництва (2)

  1. досягати ціни (3)

  1. нестача (3)

  1. розподіляти (3)

  1. об’єднувати (3)

  1. надлишок (3)

  1. обходитись без чогось (2)

  1. повідомляти когось (3)

  1. пошук чогось (3)

  1. приводити до рівноваги (2)

  1. припущення (2)

  1. структура (2)

a surplus

to attain one’s goal

on the average

an excess quantity supplied

a structure

the search for

to be in balance

in pursuit of

to ration

the pursuit for

to attain a price

to do without

to put together

supposition

to distribute

in quest of

to gain one’s end

to achieve a price

in search of

at an average

to balance

to bring together

to be balanced

a framework

to combine

to send a message to

to match

production efficiency

a shortage

assumption

the excess supply

to allocate

to reach one’s purpose

to equal

to inform

to balance out

the quest for

to arrive at a price

to be equal

productive efficiency

to carry information to

the excess demand

to manage without

an excess quantity demanded

to achieve one’s ambition

to be in/at equilibrium

Exercise 9. Translate the words in brackets into English.

In economic theory, the price resulting from … (взаємодії пропозиції та попиту) is known as … (рівноважна або ринкова ціна). Market price can be represented graphically as … (точка перетину кривих пропозиції та попиту).

We may think of demand as … (ринкову силу) tending … (підвищувати ціну товару), and of supply as a force tending … (знижувати ціни). When these two market forces … (урівноважують одна іншу), the price … (а ні зростають, а ні падають), but will be stable.

Thus, … (рівновага існує) when the quantity supplied … (точно дорівнює величині попиту).

If the price is set too high, … (надмірна пропозиція) will be created within the economy and there will be … (неефективність розподілу ресурсів) and … (економічна неефективність виробництва). … (постачальники) are striving … (запропонувати більше товарів на продаж), hoping … (збільшити надходження), but those consuming the goods will find … (що вироби менш привабливі) and purchase less because … (ціна занадто висока).

… (надмірний попит) is created when price is set … (нижче рівноважної ціни). Since … (ціна така низька), too many consumers want to purchase this product but there are too few goods being produced … (задовольнити існуючий споживчий попит).

However, as consumers have … (конкурувати один з іншим) to buy the product … (за цією низькою ціною), … (збільшений попит) will push the price up, forcing producers …(збільшити обсяг виробництва) and bringing the price to … (до ринкової рівноваги).

In conclusion … (зміни попиту або пропозиції) will affect market price. … (за умови, що нецінові визначники утримуються сталими), … (збільшення попиту) will result in … (збільшення ринкової ціни), and a decrease in demand … (призведе до зниження ринкової ціни). … (таким же чином), … (збільшення пропозиції спричинить) a decrease in market price, and a decrease in supply … (призведе до підвищення ринкової ціни).

Exercise 10. Pair the halves of the sentences and write the completed sentences. Translate them into Ukrainian.

  1. When the price in a market rises, quantity demanded falls and

the interaction of supply and demand in a market for a particular commodity.

  1. Market or equilibrium price can be represented graphically as

the quantity supplied will exceed the quantity demanded, driving the price down.

  1. The equilibrium is attained in the market

by shifting scarce resources such as raw materials and labor to the production of demanded items.

  1. In a free market economy, prices are set as a result of

the point of intersection of the supply and demand curves.

  1. The price system allocates goods and recources

which are in demand and at reasonable prices operate profitably.

  1. At any price below the equilibrium point,

above the market equilibrium.

  1. The decreased demand makes producers reduce the output,

consumers will buy fewer units than they did at equilibrium.

  1. Surplus occurs when the established price is

when supply of a particular product exactly equals demand for it.

  1. At any price above the equilibrium point,

the amount that buyers are willing to purchase at that price.

  1. Entrepreneurs who offer for sale those goods and services

in order not to suffer financial losses.

  1. Market clearing means that the amount of a commodity brought into the market at a current price equals

there will be excess demand.

  1. If the market for a certain product is already in equilibrium and producers raise prices,

quantity supplied goes up until the equilibrium is reached.

  1. Producers respond to the increased consumer demand

by rationing them among those buyers who are willing and able to buy them at a given price.

  1. At any prices lower than the market price

the quantity demanded will exceed the quantity supplied, driving the price up.

Completed sentences

Translation

__________________________________________________________________________________________________________________ ______________________________________ ______________________________________

______________________________________ ____________________________________________________________________________ ______________________________________ ______________________________________ ______________________________________

____________________________________________________________________________ ____________________________________________________________________________ ______________________________________ ______________________________________

____________________________________________________________________________ ______________________________________ ______________________________________ ______________________________________

______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________

______________________________________ ______________________________________ ______________________________________ ____________________________________________________________________________

______________________________________________________________________________________________________________________________________________________________________________________________

______________________________________________________________________________________________________________________________________________________________________________________________

______________________________________________________________________________________________________________________________________________________________________________________________

______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

_______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________

_______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________

_______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________

_______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________

_______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________

_______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________

_______________________________________

_______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________

_______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________

_______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________

_______________________________________ _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Exercise 11. Translate the text into Ukrainian.

  1. No economic system distributes income and allocates resources to everyone’s satisfaction.

  2. Mixed economies turn to the market system as well as to the list of government regulations and governmentally provided goods and services.

  3. The market system provides a means for suppliers to show scarcity and for consumers to demonstrate their desires.

  4. The communication between suppliers and consumers takes place through prices.

  5. A price is the sum or amount of money at which a thing is valued, or the value that a seller sets on his goods in a market.

  6. In a pure market economy prices through the free interaction of supply-and-demand forces ration scarce resources, motivate production, and provide answers to the fundamental economic questions of What, How and for Whom to produce.

  7. The price system adjusts production to consumers’ demand in answering the basic economic question of what will be produced.

  8. To succeed in competitive activity producers are forced to produce goods and services at the lowest possible costs.

  9. To put it another way, competition tends to motivate producers to introduce efficient production methods in answering how production will occur.

  10. By assigning values to the work people perform according to the quantities and qualities of resources of various kinds that a person owns, the price system determines how much an individual has to spend.

  11. So, the price system allocates goods and resources at prices which are reasonable enough to bring these goods and resources into the market.

______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Exercise 12. Match each term in column A with its definition in column B.

A

B

  1. Equilibrium

  1. An excess quantity demanded over quantity supplied that occurs when a price is below the equilibrium price.

  1. Equilibrium price

  1. A mechanism that allocates scarce resources among those buyers and sellers in the marketplace who are willing and able to deal at the going price.

  1. Market price

  1. The quantity of a commodity determined in the market by the intersection of a supply curve and a demand.

  1. Market clearing

  1. The market conditions under which market supply and demand balance each other and, as a result, prices become stable.

  1. Equilibrium quantity

  1. The amount, usually of money when something is bought or sold.

  1. Excess supply

  1. The price of a good or services at which the quantity demanded matches the quantity supplied.

  1. Excess demand

  1. The price at which goods or services and money will actually be exchanged.

  1. Price

  1. An excess quantity supplied over quantity demanded that occurs when a price is above the equilibrium price.

  1. Price system

  1. The adjustment of the price resulting in the establishment of a new market price at which the supply and demand are in balance.

1

2

3

4

5

6

7

8

9

Exercise 13. Translate into English using the active vocabulary.

  1. Ціни – це механізм, що використовується для розміщення обмежених ресурсів між конкуруючими потребами.

________________________________________________________________________________________________________________________________________________________________________

  1. Цінова система визначає, як ціну товарів та послуг, які люди хочуть придбати, так і розмір прибутку, який люди можуть витратити, щоб купити ці товари та послуги.

__________________________________________________________________________________________________________________________________________________________________________________________________________________

  1. Ринкові ціни визначають, хто купить товари, а хто піде додому без покупок.

______________________________________________________________________________________________________________________________

  1. Коли на ринку існує надмірний попит, покупці не можуть купити кількість продукції, яку вони бажають і тому змушені обходитись без неї.

________________________________________________________________________________________________________________________________________________________________________

  1. Коли на ринку існує надлишок пропозиції, продавці не можуть продати ту кількість продукції, яку вони спроможні запропонувати на продаж.

________________________________________________________________________________________________________________________________________________________________________

  1. Нестача – це перебільшення величини попиту на величиною пропозиції.

______________________________________________________________________________________________________________________________

  1. Надлишок – це перебільшення величини пропозиції над величиною попиту.

______________________________________________________________________________________________________________________________

  1. Рівновага пропозиції та попиту на ринку досягається при ціні, коли сили пропозиції і попиту збалансовані.

______________________________________________________________________________________________________________________________

  1. Перетин кривих пропозиції та попиту показує рівноважну ціну та рівноважну кількість.

______________________________________________________________________________________________________________________________

  1. Зміни в особистих прибутках, зміни у наданні переваги з боку споживачів або зміни цін на товари-супутники або товари-замінники встановлюють нове співвідношення між ціною та величиною попиту.

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  1. Встановлюється нове співвідношення між ціною та величиною пропозиції, коли пропозиція знаходиться під впливом таких факторів, як витрати виробництва, кількість продаців на ринку, зміни в очікуваннях виробників щодо майбутньої ринкової кон’юктури.

______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  1. Щоб мати можливість продавати свою продукцію за ринковою ціною та не зазнавати фінансових збитків, виробники намагаються зменшити витрати виробництва, змінюючи технології виробництва.

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Exercise 14. Answer the following questions.

  1. What is a price?

  2. Why are prices the key ingredients in a market economy?

  3. What is a price system?

  4. What is a price for any commodity determined by in a free market?

  5. What functions do prices perform?

  6. How do prices ration scarce resources?

  7. How do prices perform production-motivating function?

  8. Why do economists stress the importance of the price system in answering the fundamental economic questions?

  9. Why do prices act as signals to buyers and sellers?

  10. In what way does the price system provide answer to the question of What to produce?

  11. Why cannot producers ignore consumer demand?

  12. What is the correlation between prices and production?

  13. How does the price system provide answer to the How question?

  14. Why do producers do their best to reduce production costs?

  15. What is the producers’ main incentive?

  16. How does the price system distribute society’s output among the people?

  17. Why does the price system determine each person’s income?

  18. Why do some buyers go home empty handed?

  19. What is an equilibrium price?

  20. Why is it important to find equilibrium prices in markets?

  21. Why does the law of demand put limits on suppliers while consumers are limited by the law of supply?

  22. What does market clearing refer to?

  23. What is excess supply?

  24. What process occurs to bring the market back into equilibrium, when there is a surplus in the market?

  25. What are the ways of reallocating resources when the established price is below the market equilibrium?

  26. What is a shortage and when does it develop?

  27. What process occurs to bring the market back into equilibrium, when there is excess demand in the market?

  28. What is the difference between scarcity and shortage?

  29. What does a decrease in demand lead to?

  30. What does an increase in supply result in?

  31. How is an economic equilibrium represented graphically?

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