Ex. 9. Study the different meanings of the following words and use them to translate the

sentences:

 

1. supply (n) 1. снабжение, поставка, получение, поступление

2. предложение

supplier - поставщик

 

supply (v) - снабжать, поставлять, доставлять, обеспечивать, предоставлять

to be in supply - поступать (или иметься) в достаточном количестве

to be in short supply - не хватать, иметься в недостаточном количестве, быть

дефицитным

 

1. The office will supply all necessary information.

2. Oil is in short supply.

3. Supply meets the demand.

4. Supply is “elastic” if it can be increased or decreased rapidly in response to market price.

5. The Seller guarantees that the equipment supplied is manufactured in full conformity (соответствии) with the description given in the technical documentation.

6. The suppliers haven’t effected delivery.

7. We can supply the goods from our main store.

 

2. cost (n ) 1. цена, стоимость

2. себестоимость

 

cost (v) 1. стоить

2. назначать цену, оценивать

unit cost - себестоимость единицы продукции

below cost - ниже стоимости

cost of living - прожиточный минимум

costs of production – издержки производства, себестоимость продукции

at the cost of - стоимостью в; за счет чего-либо

at one’s cost - за чей-либо счет

 

1. It cost him a lot of money.

2. What will it cost to have it repaired?

3. If they reduce costs in manufacturing, that will put them in a strong position to adapt (приспосабливаться) to the market.

4. We can slowly increase production and it will eventually enable us to cut unit costs.

5. Expenses are the costs of operating the business.

 

Ex. 10. Translate the words and phrases given in brackets.

1. The higher price, the greater (побудительный мотив) to produce and sell the product. 2. An increase in (себестоимости продукции) will lead to increase in (предложение). 3. Most (производители) can make more than one product. 4. Shifts in demand or supply will affect (рыночная цена). 5. Sometimes producers increase their (выпуск продукции) now to be in position (получить прибыль) later. 6. At the (сбалансированная рыночная цена) of a good, there can be neither (избыток), nor (дефицит) in the market.

Ex. 11. Fill in the gaps with prepositions.

1. The law _____supply describes a relationship _____________the price ______a good or service and how much sellers will offer ______ sale ______a specified time. 2. A change____ supply is a change ______the relationship ____________the price_____a good and the quantity supplied _____response______ the changes ______economic conditions. 3. ____the market equilibrium price_____a good, there can be_____________surpluses, ______shortages _____ the market.

Ex. 12. Give the English equivalents to the following words and phrases. Recollect the

Sentences of the text where they were used.

 

при прочих равных условиях ________________________________________

получать прибыль__________________________________________________

затраты на производство____________________________________________

совершенствование технологий______________________________________

перепрофилировать производство_____________________________________

сбалансированная цена______________________________________________

влиять на рыночную цену____________________________________________

дефицит___________________________________________________________

избыток___________________________________________________________

на рынке – равновесие спроса и предложения. _________________________

 

Ex. 13. What are the synonyms from the text of the words in italics?

1. At lower prices less will be produced and provided. ________________________

2. the number of a product ______________________________________________

3. to make a benefit ____________________________________________________

4. the prices increase of decrease _________________________________________

5. the greater the motive ________________________________________________

6. The changes that can influence the quantities...___________________________

7. producers may lower production________________________________________

8. A deficit exists in a market...__________________________________________

9. the quantity supplied is greater than the quantity demanded___________________

 

Ex.14. To show that you understand given words, choose the best word to complete the

Sentences given below.

To produce

Producer – a person or business enterprise that generates goods or services for sale.

Product – something produced by effort, or some mechanical or industrial process.

Production – the process by which goods and services are made or prepared for sale and use.

Productive -creative, efficient.

Productivity – is the ability to produce goods and services. Productivity increases when a large amount of goods or services is produced by using the same amount of resources.

 

1. The publishing house’s new ______________ is a colour daily newspaper.

2. The plant _________________a new model of car every spring.

3. The __________________ of this worker has gone down over the last 5 years.

4. 486 computer is not as ________________ as Pentium III.

5. The _____________________ of computers make huge investments in their industries.

6. The Board of Governors of State of New York has come to a decision to decrease the ________________ of cheap products.

Ex. 15. Group the following words into 6 synonymous groups.

to rise impulse profit incentive

surplus to go down commodity to reduce

to decrease motivation to go up product

shortage to increase goods scarcity

to fall deficit excess

Ex. 16. Complete each sentence with the correct form of the word in italics. In some cases

you will have to make a negative by using the prefix il- or un-.

Translate the sentences into Russian.

1. employ

1. In an area of high ______________________people are desperate to find jobs.

2. Her ________________ gets very angry if she uses the telephone too much.

3. I’m looking for temporary ___________________ during the summer holidays.

 

2. engage

1. The line is _________________ so I’ll have to try again later.

2. Cancel all my __________________ for the rest of the day, please.

 

3. possess

1. I had in my _______________ a portion of money.

2. I’m proud of ________________ two kiosk in Zhdanovichi.

3. A small business is one which _______________at least two characteristics.

 

4. distribute

1. British Leyland _________________their cars throughout the world.

2. His job is to organize the ___________________ of money to students.

 

5. establish

1. There he had set out to ________________ his own business.

2. The _____________________ of legal minimum pay is one of the objectives.

6. know

1. We need somebody with a good working ___________________ of French.

2. Our company is virtually _____________ abroad.

3. She’s obviously very ______________________ as far as marketing is concerned.

 

7. existence

1. We have to find ways of making the _______________ system work better.

2. Numerous definitions of the term “small business” _________________.

 

8. grow

1. There is a _______________awareness of the need to improve productivity.

2. The government is worried about the ______________ in public expenditures.

 

COMPREHENSION

Ex. 17. Multiple choice: In the space provided, write the letter of the item that best

Completes the statement.

____ 1. Which statement is an example of an economic law?

a) The speed limit is 55 miles per hour.

b) A triangle has 180 degrees.

c) People buy less at higher prices than at lower prices.

 

____ 2. Which statement is true?

a) Demand is more important then supply in determining prices.

b) More items will be sold at a lower price than at a higher price.

c) Congress passed the law of demand.

 

____ 3. When demand for lumber (пиломатериалы) increases, so does demand for nails

(гвозди). When demand for lumber decreases, there is a decrease in demand for nails.

Economists would say lumber and nails are

a) unrelated goods.

b) substitute goods.

c) complementary goods (complements).

d) elastic goods.

 

____ 4. The fifth ice cream is less enjoyable than the first. This is an example of

a) opportunity cost.

b) the law of demand.

c) diminishing marginal utility.

d) scarcity.

 

____ 5. 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.

 

____ 6. What will happen in a competitive market if the quantity supplied is greater

than the quantity demanded?

a) consumers will demand more goods.

b) suppliers will increase their output of goods.

c) the market price will go down.

d) the market price will go up.

 

____ 7. The price of each of the following was reduced by 20 per cent. Which would be

likely to show the greatest increase in demand?

a) bread с) restaurant meals

b) milk d) eyeglasses

 

____ 8. All else remaining equal, an increase in demand will result in

a) a higher market price.

b) a lower market price

c) no change in price.

d) an increase in supply.

 

 

Ex. 18. Find the false sentences and correct them using the information from the text.

1. To make a sale you need three parties: buyers, sellers and producers.

2. The lower price, the greater the incentive to produce and sell the product.

3. If it costs sellers less to produce their products, they will be able to offer more of them for sale.

4. Improvements in technology tend to increase the cost of production.

5. There are few producers that can make more than one product.

6. Equilibrium price and quality is the point at which the quantity demanded exactly equals the quantity supplied in a market.

7. Shifts in demand and supply don’t affect market price.

8. When the market is cleared it means that there can be either surpluses, or shortages in the market.