М и ни сте р ство о б р а зо ва ни я Ро сси йско й Ф е де р а ци и В о р о не ж ски й Го суда р стве нный уни ве р си те...
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М и ни сте р ство о б р а зо ва ни я Ро сси йско й Ф е де р а ци и В о р о не ж ски й Го суда р стве нный уни ве р си те т Ф а культе тРГФ Ка фе др а а нгли йско го языка не языко вых фа культе то в
М етоди ч еск и е у к а за ни я поа нгли йск ом у язы к у
для студе нто в эко но м и че ско го фа культе та
Со ста ви те ли : И.Г.Ага фо но ва , А.Б.М и ш и н
В о р о не ж 2002
2 ASSIGNMENT 1 Pre-reading task I.
Answer the question.
1. Adam Smith, a well-known philosopher and economist, resorted to an expression “an invisible hand”. What did he mean?
II.
Read the text. Commodity and Money Markets (Text 1) The organization of the commodity markets varies considerably as each
has developed a particular set of customs and traditions which govern the dealing. They all have this in common – trade is conducted at wholesale level. A high standard of trading practice is guaranteed by trade rules which are observed by all recognized brokers and the majority of the traders. Most of the trading is done by private treaty much the same as on the floor of the Stock Exchange and the role of the commodity broker is somewhat similar to that of the stockbroker, though some deals are transacted directly between importer and dealers. The terms of business are normally on a “CIF forward” basis: this means that the price includes the cost of the goods, insurance and freight for which payment will usually be demanded against presentation of the shipping documents. Since in many cases these papers arrive well in advance of the actual goods, the old system of physical inspection of the commodity has largely disappeared. In its place, sales are conducted by sample or by description, which, in turn, depend on meticulous grading and agreed specifications. Commodity prices are quoted either for prompt delivery (“spot”) or for delivery some months ahead (“forward”); and the price quotations vary for contracts according to the delivery date. A special term “Futures” (or “Terminal”) is an abbreviation of the more fully explanatory “Contract for
3 Future Delivery”. These markets deal entirely in forward deliveries of merchandise at a specified future date. Commodity prices tend to fluctuate; they are subject not only to changes in demand but often still more to changes in supply. The supply of a commodity may be affected by abundant or poor crops, by diseases, by increased acreage of cultivation, by strikes or by government action. The market is informed about such influences from day to day; it watches weather reports; crop estimates are published regularly and examined with great care; existing stocks and current consumption are compared and interest rates are taken into account. On all these facts and forecasts the market bases its calculations and operations, and the existence of a futures market tends to stabilize prices. This is how it works: if an actual or anticipated surplus causes a drop in prices, dealers will buy spot and thereby stem the fall; later when supplies become scarcer they will sell at a profit and thus prevent too steep a rise.
III.
Answer the questions.
a) According to the rules of the Commodity Exchange the broker deals only with certain persons. Whom does the broker trade with? Are there similar traditions as far as the commodity markets are concerned? b) What is the main mechanism governing the work of the market called? Who highlighted this phenomenon? c) What two aspects of the performance of the market must always be in equilibrium?
IV.
Check up the pronunciation of unfamiliar words in a dictionary and read Text 2 aloud. Commodity and Money Markets (Text 2) 1. The organization of the commodity markets varies considerably.
2. Each market has a set of customs and traditions. 3. Trade is conducted at
4 wholesale level. 4. A high standard of trading is guaranteed by trade rules. 5. They are observed by brokers and traders. 6. Most of the trading is done by private treaty. 7. The role of the commodity broker is similar to that of the stockbroker. 8. Some deals are transacted directly between importer and dealers. 9. The price includes the cost of the goods, insurance and freight. 10. Pay will usually be demanded against presentation of the shipping documents. 11. These papers arrive well in advance of the actual goods. 12. The old system of physical inspection of the commodity has largely disappeared. 13. Sales are conducted by sample or by description. 14. These depend on meticulous grading and agreed specifications. 15. Commodity prices are quoted for prompt delivery (“spot”) or for delivery some months ahead (“forward”). 16. A special term “Futures” (or “Terminal”) is an abbreviation. 17. The more fully explanatory term is “Contract for Future Delivery”. 18. Commodity prices tend to fluctuate. 19. They are subject to changes in demand and supply. 20. The supply of a commodity may be affected by various facts. 21. On all these facts the market bases its operations. 22. This is how it works. 23. An actual or anticipated surplus may cause a drop in prices. 24. Dealers will buy spot and thereby stem the fall. 25. Supplies become scarcer. 26. Dealers will sell at a profit and thus prevent too steep a rise.
V.
Write out from Text 2 the English equivalents for the following words and expressions.
1. то ва р ные р ынки , о тли ча ться; 2. р а зр а б а тыва ть, р яд о б ыча е в; 3. то р го вля, ве сти , о пто м ; 4. высо ки й ур о ве нь, га р а нти р о ва ть, пр а ви ла то р го вли ; 5. со б люда ть, б р о ке р ы, то р го вцы; 6. по ча стно м у со гла ше ни ю; 7. то ва р ный б р о ке р , по до б ный, фо ндо вый б р о ке р ; 8. сде лка , со ве р ш а ть сде лку, не по ср е дстве нно , ди ле р ; 9. це на , включа ть, сто и м о сть то ва р о в, стр а хо вка и сто и м о сть пер е во зки ; 10. пла те ж , тр е б о ва ть, пр е дъявле ни е , о тгр узо чные до кум е нты; 11. до кум е нты, пр и б ыва ть, р а ньш е
по дли нных то ва р о в;
5 12. фи зи че ски й о см о тр , в зна чи те льно й сте пе ни , и сче за ть; 13. пр о да ж а , ве сти , по о б р а зцу и о пи са ни ю; 14 за ви се ть, тщ а те льна я со р ти р о вка , со гла со ва нные специ фи ка ци и ; 15. це ны на то ва р ы, на зна ча ть, б ыстр а я по ста вка (пр о да ва е м ый на м е сте то ва р ), за не ско лько м е сяце в р а ньш е (ср о чна я по ста вка ); 16. о со б ый те р м и н “сде лки на ср о к” (ср о чный ко нтр а кт), со кр а щ е ни е ; 17. о б ъясни те льный, “ко нтр а кт на
ср о чную
по ста вку”; 18. и м е ть те нде нци ю, ко ле б а ться; 19. б ыть по две р ж е нным , и зм е не ни я, спр о с, пр е дло ж е ни е ; 20. по ста вка , во зде йство ва ть, р а зли чный; 21. о сно выва ть, де йстви я; 22. де йство ва ть; 23. фа кти че ски й
и ли
о ж и да е м ый и зли ш е к, вызыва ть, паде ни е це н; 24. по купа ть на ли чный то ва р , те м са м ым , пр е до твр а щ а ть (о ста на вли ва ть) паде ни е це н; 25. ста но ви ться б о ле е скудным ; 26. пр о да ва ть с пр и б ылью, та ки м о б р а зо м , пр е до твр а ти ть, сли ш ко м р е зки й по дъе м .
VI.
Translate Text 2 into Russian (in writing).
VII. Translate the Russian version of Text 2 into English (orally).
VIII. Make up meaningful phrases with the following. 1. the organization of the markets, to vary; 2. each market, to develop, a set; 3. trade, to be conducted; 4. a high standard, to be guaranteed; 5. trade rules, to be observed; 6. most of the trading, to be done; 7. the role of the commodity broker, to be similar; 8. some deals, to be transacted, directly; 9. the price, to conclude; 10. payment, to be demanded, against presentation; 11. these papers, to arrive, in advance; 12. the old system, to disappear; 13. sales, to be conducted, sample; 14. sample and description, to depend on; 15. commodity prices, to be quoted, prompt delivery, delivery some months ahead; 16. a special term “Futures”, to be; 17. the explanatory term, to be; 18. commodity prices, to tend; they, to be subject to changes; 20. the supply of a commodity, may be affected;
6 21. the market, to base, operations; 22. this, to be, how, it, to work; 23. an actual surplus, may cause; 24. dealers, to buy spot, thereby, to stem; 25. supplies, to become scarcer; 26. dealer, to sell at a profit, to prevent.
IX.
Replace the Russian words and expressions with their English equivalents.
1. The organization of commodity markets (о тли ча ться) considerably. 2. Trade (со ве р ша ться) at wholesale level. 3. Most of the trading is done (по ча стно м у со гла ш е ни ю). 4. Some deals are transacted (не по ср е дстве нно ) between importer and dealers. 5. The old system of physical (о см о тр ) has largely disappeared. 6. Sales are conducted (по ср е дство м о б р а зцо в и о пи са ни я). 7. Commodity prices (на зна ча ться) for prompt delivery or for delivery some months ahead. 8. Commodity prices tend (ко ле б а ться). 9. The supply of a commodity may be affected by (р а зли чные фа кто р ы). 10. On all these facts and forecasts the market (о сно выва ть) its operations. 11. Actual or (о ж и да е м ый) surplus may cause a drop in prices. 12. Supplies may become (б о ле е скудный). 13. Dealers will sell (с пр и б ылью) and thus prevent too steep a rise.
X.
Summarize in 10 sentences the contents of Text 2.
XI.
Translate into Russian the second paragraph of Text 1.
XII. In several sentences describe money market. The following words and expressions will help you: a) money market, to be a certain financial centre; b) foreign and inland bills of exchange, foreign currency, bullions, to be bought and sold; c) a group of institutions of Great Britain, to deal in short-term lending and borrowing; d) it, to be called the Short Money Market; e) long-term lending and borrowing, to be
7 arranged in the Capital Market; f) the main institutions in the British Money Market, to be in the neighborhood of Lombard Street and the Bank of England; g) they, to be, joint-stock banks, the discount market, accepting houses, the bullion market, the foreign exchange market.
ASSIGNMENT 2 Pre-reading task I.
Show why the following statements are incorrect.
1. Aid is all the help LDCs need. 2. LDCs do best by sticking to production of raw materials for the world economy.
II.
Read the text. Aid and Migration (Text 1) The quickest way to equalize world income distribution would be to
permit free migration between countries. Residents of poor countries could go elsewhere in search of higher incomes. And in emigrating, they would increase the capital and land per worker for those who stayed behind. Nor is this idea entirely fanciful. The massive movements of population from Europe to the Americas and the colonies in the nineteenth and early twentieth centuries represented an income-equalizing movement of this sort. Since the Second World War the major migrations have been temporary, although the steady flow of Mexicans (illegally) across the US border is one major exception. More common has been the use of temporary migrant labour in Europe (especially West Germany) from Yugoslavia, Greece, and Turkey, which countries have all benefited from payments sent home to their families by workers temporarily abroad. Similarly, Egypt, India, and Pakistan receive significant transfer payments from workers temporarily abroad (especially those
8 working in the Persian Gulf). And in 1989–90 we saw substantial westward migration from Eastern Europe as the barriers came tumbling down. None the less, there is no free and unrestricted immigration to the rich countries today. Indeed, even migrant workers are frequently outlawed. One difference between conditions today and conditions during the massive migrations of the nineteenth century is that there are now extensive systems of welfare and public health in rich countries. Quite apart from any racial or religious arguments, opponents of immigration say that existing residents would end up subsidizing unskilled immigrants who would spend most of their lives receiving public handouts. The United States grew extremely quickly during the period of large-scale immigration. With economies of scale, it is not clear that existing residents inevitably lose out by admitting immigrants. Although fascinating, the question is largely academic. At present there seems little prospect of the rich countries allowing immigration on a significant scale, least of all from the poorest countries of the world economy.
III.
Answer the following questions.
1. Why have LDCs been particularly successful in exporting textiles, clothing and leather footwear? 2. Can a small LDC gain by a policy of import substitution?
IV.
Check up the pronunciation of unfamiliar words in a dictionary and read Text 2 aloud. Aid and Migration (Text 2) 1. There is a way to equalize world income distribution. 2. It is to permit
free migration between countries. 3. This process was observed in the nineteenth and early twentieth centuries. 4. Since the Second World War the major migrations have been temporary. 5. More common has been the use of
9 temporary migrant labour in Europe (especially West Germany). 6. Yugoslavia, Greece, and Turkey have all benefited from payments sent home by workers abroad. 7. Similarly, Egypt, India, and Pakistan receive significant transfer payments from workers abroad. 8. And in 1989–90 we saw substantial westward migration from Eastern Europe. 9. There is no free and unrestricted immigration to the rich countries today. 10. There is one difference between conditions today and conditions during the massive migrations of the nineteenth century. 11. There are now extensive systems of welfare and public health in rich countries. 12. Opponents of immigration say the following. 13. Existing residents would end up subsidizing unskilled immigrants. 14. The United States grew extremely quickly during the period of large-scale immigration. 15. It is not clear that existing residents inevitably lose out by admitting immigrants. 16. At present the rich countries do not allow immigration on a significant scale. 17. They are against immigration from the poorest countries of the world economy.
V.
Write out from Text 2 the English equivalents for the following words and expressions.
1. спо со б , выр а вни ва ть, р а спр е де ле ни е м и р о вых до хо до в; 2. р а зр е ш а ть, сво б о дна я м и гр а ци я; 3. на б люда ть, сто ле ти е ; 4. б о льш а я и м м и гр а ци я, вр е м е нный; 5. р а спр о стр а не нный, о со б е нно , З а падна я Ге р м а ни я; 6. Гр е ци я, Т ур ци я, по луча ть выго ду, пла те ж и , по сыла ть, за гр а ни це й; 7. по до б ным о б р а зо м , Е ги пе т, зна чи те льные тр а нсфе р тные пла те ж и ; 8. сущ е стве нный, на пр а вле нный к за паду; 9. сво б о дна я и не о гр а ни че нна я и м м и гр а ци я; 10. р а зли чи е , усло ви я, м а ссо ва я м и гр а ци я; 11. о б ши р на я си сте м а , б ла го со сто яни е , здр а во о хр а не ни е ; 12. пр о ти вни ки ; 13. сущ е ствующ и е р е зи де нты,
пр е кр а щ а ть
суб си ди р о ва ни е ,
не ква ли фи ци р о ва нные
и м м и гр а нты; 14. чр е звыча йно , кр упно м а сш та б на я и м м и гр а ци я; 15. ясный,
10 не и зб е ж но , те р ять, пр и ни м а ть и м м и гр а нто в; 16. р а зр е ш а ть и м м и гр а ци ю, в зна чи те льно м м а сшта б е ; 17. б ыть пр о ти в, м и р о ва я эко но м и ка .
VI.
Translate Text 2 into Russian (in writing).
VII. Translate the Russian version of Text 2 into English (orally).
VIII. Make up meaningful phrases with the following. 1. there + to be, a way to equalize; 2. it, to be, to permit; 3. this process, to be observed; 4. since, the migration, temporary; 5. more common, the use of temporary labour; 6. Greece, to benefit, payments sent home; 7. Egypt, to receive significant payments; 8. we, to see, substantial migration; 9. there + to be, no free immigration; 10. there + to be, one difference, conditions today; 11. there + to be, extensive systems, welfare; 12. opponents, to say; 13. existing residents, to end up, subsidizing; 14. the United States, to grow, extremely quickly; 15. it, not to be clear, existing residents, to lose out; 16. the rich countries, not to allow; 17. they, to be against.
IX.
Complete the following questions:
1). What way to equalize world income distribution …
? 2). When was the
process … ? 3). What countries have benefited from … ? 4). When did we see substantial westward … ? 5). What systems of welfare and health … ? 6). How did the United States grow during the period of …
? 7). What don’t the rich
countries … ?
X.
Replace the Russian words and expressions with their English equivalents. 1. There is a way to equalize (р а спр е де ле ни е м и р о вых до хо до в). 2. The
process of migration (на б люда ться) in the nineteenth and early twentieth
11 centuries. 3. Since the Second World War the major migrations have been (вр е м е нный). 4. There is no free and (не о гр а ни че нный) immigration to the rich countries today. 5. There are now (о б ши р ный) systems of welfare and public health in rich countries. 6. (П р о ти вни ки ) of immigration say the following. 7. Existing (р е зи де нты) would end up subsidizing, unskilled immigrants. 8. The United States grew (чр е звыча йно б ыстр о ) during the period of large-scale immigration. 9. At present time the rich countries (не р а зр е ша ть) immigration on a significant scale. 10. They (б ыть пр о ти в) immigration from the poorest countries of the world economy.
XI.
Summarize in 10 sentences the contents of Text 2.
XII. Translate into Russian the first paragraph of Text 1.
XIII. In several sentences describe the economic situation in LDCs. The following words and expressions will help you: 1. in the world’s poorest countries, the growth of population, to be fast; 2. labour productivity, to be low; 3. LDCs, to be reluctant, to exploit, a comparative advantage in primary products; 4. LDCs, to increase, export of labour-intensive manufactures; 5. market share, could quickly become, more significant; 6. trade, to help the LDCs, more effectively than aid; 7. migration, to help, to equalize world incomes; 8. rich countries, to be against, significant immigration.
ASSIGNMENT 3
Pre-reading task I.
Answer the following question.
1. What is the particular attraction of the department store?
12 II.
Read Text 1. The Retail Trade (Text 1) Retail trading concerns are of various types. There are department stores,
multiple shops, chain stores, etc., most of which have grown out of the small trader. The department store is usually a most complex concern housed in one or two huge buildings and divided into a number of departments – furniture department, grocery department, drapery department, etc. It prides itself on being able to supply the customer with everything from a needle to a motor car, from food to pianos, from theatre tickets to country houses, and all “under one roof”. The store is generally situated in a main shopping center, making shopping convenient and easy. There is adequate space for the display of goods. The multiple shops and chain stores follow a different principle, aiming not at a complex organization all under one roof but at a large number of branches in every town or district where there is a promising market for trade. All these branches are centrally directed from a head office. So, as you come out of almost any London Tube station, you will see the same chemist, the same fruiterer, dairy, tea-shop, provision dealer or ready-made clothier. There is a difference between these two types. Multiple shops specialize in one type of goods at various prices, e.g. Sainsbury’s (groceries), W.H. Smith’s (books). Chain stores e.g. Woolworth’s or Marks & Spencer’s, will sell a wide range of goods but at certain fixed low prices. As these organizations, of either type, buy in enormous quantities they can eliminate the wholesaler; and, as they often manufacture goods to their own requirements, they can take over the functions of the producer too. With this mass production there goes extensive standardization in price, in appearance and lay-out of the shops, in their fittings, counters, goods, packing and form of display; and, as there is practically no salesmanship required in the selling of such goods, unskilled
13 assistants can do the work. When, in addition, we remember that these shops are run on a strictly cash basis, we can realize that they are in a very favourable, often an overwhelming, position to compete with the small retailer. The retail organizations surveyed so far all rely for their sales on personal contact in conveniently situated and well-equipped shops and stores. Mail order houses follow an entirely different method. They have no shop windows to display their goods, their appeal to the customer is made through catalogues. The cost of a catalogue is high, and it would not be a paying proposition to send a copy to each of the ten million people who are believed to buy from catalogues each year. The mail order companies have worked out a very ingenious system; they conduct their business through a vast number of local agents.
III.
Answer the following questions.
1. What does the expression “all under one roof” mean? 2. What are the functions of a head office and its branches? 3. Why can the multiple shops and chain stores do without the wholesaler? What allows them to fulfil the functions of the producer as well?
IV.
Check up the pronunciation of unfamiliar words in a dictionary and read Text 2 aloud.
The Retail Trade (Text 2) 1. Retail trading concerns are of various types. 2. There are department stores, multiple shops, chain stores, etc. 3. The department store is usually a most complex concern. 4. It is housed in one or two huge buildings. 5. They are divided into a number of departments – furniture department, grocery department, drapery department, etc. 6. The multiple shops and chain stores follow a different principle. 7. They do not aim at a complex organization all
14 under one roof. 8. Their purpose is a large number of branches in every town or district. 9. All these branches are centrally directed from a head office. 10. You will see the same chemist, the same fruiterer, dairy, tea-shop, provision dealer or ready-made clothier. 11. There is a difference between these two types. 12. Multiple shops specialize in one type of goods at various prices. 13. Chain stores will sell a wide range of goods but at certain fixed low prices. 14. The retail organizations all rely for their sales on personal contact in shops and stores. 15. Mail order houses follow an entirely different method. 16. They have no shop windows to display their goods. 17. Their appeal to the customer is made through catalogues.
V.
Write out from the Text 2 the English equivalents for the following words and expressions.
1. р о зни чна я то р го вля, пр е дпр и яти я р о зни чно й то р го вли , р а зли чные ти пы; 2. уни ве р м а г, о дно ти пные м а га зи ны (специ а ли зи р о ва нные фи ли а лы о дно й и то й ж е фи р м ы), о дно ти пные м а га зи ны (в о тли чи е о т multiple shops то р гуют р а зно о б р а зным а ссо р ти м е нто м ); 3. уни ве р м а г, о че нь сло ж ный; 4. р а зм е щ а ть, о гр о м но е зда ни е ; 5. де ли ть, р яд о тде ло в, м е б е льный о тде л, пр о дукто вый о тде л, о тде л тка не й; 6. сле до ва ть, др уго й пр и нци п; 7. и м е ть сво е й це лью, сло ж на я о р га ни за ци я, все по д о дно й кр ыше й; 8. це ль, б о льшо е ко ли че ство фи ли а ло в, р а йо н; 9. упр а влять в це нтр а ли зо ва нно м по р ядке , го ло вно й о фи с; 10. а пте ка , фр укто вый м а га зи н, м а га зи н м о ло чных пр о дукто в; м а га зи н, пр о да ющ и й ча й; м а га зи н, то р гующ и й пр о дукта м и и ли м а га зи н го то во го спе ци а ли зи р о ва ться
по
р а зным
пла тья; 11. р а зли чи е , ти пы; 12. це на м ;
13.
пр о да ва ть,
ши р о ки й
а ссо р ти м е нт, по уста но вле нным ни зки м це на м ; 14. о р га ни за ци и р о зни чно й то р го вли , по ла га ться, пр о да ж а ; 15. по сыло чно е пр е дпр и яти е , сле до ва ть, со ве р ш е нно
др уго й м е то д; 16. ви тр и на , выста влять; 17. о б р а щ е ни е ,
по купа те ль, по ср е дство м ка та ло го в.
15 VI.
Translate Text 2 into Russian (in writing).
VII. Translate Text 2 from Russian into English (orally).
VIII. Make up meaningful phrases with the following. 1. retail trading concerns, to be; 2. there + to be, department stores, multiple shops, chain stores; 3. the department store, to be; 4. it, to be housed, huge buildings; 5. they, to be divided, a number of departments; 6. the multiple shop, the chain stores, to follow, principle; 7. they, not to aim at; 8. their purpose, to be, a large number of branches; 9. all these branches, to be directed; 10. you, to see, the same chemist, the same fruiterer, dairy, etc.; 11. there + to be, a difference, between; 12. multiple shops, to specialize, one type, various prices; 13. chain stores, to sell, a wide range; 14. the retail organizations, to rely, sales, contacts; 15. mail order houses, to follow, entirely, method; 16. they, to have, no shop windows, to display; 17. their appeal, customer, to be made.
IX.
Here are the answers to some questions. Work out questions.
a) Of various types; b) A most complex concern; c) Into a number of departments; d) A different principle; e) From a head office; f) In one type of goods; g) A wide range of goods; h) On personal contact.
X.
Replace the Russian words and expressions with their English equivalents: 1. Retail trading concerns are of various (ти пы). 2. The department store
is usually a most (сло ж ный) concern. 3. The multiple shops and chain stores do not aim at a complex organization (все по д о дно й кр ыш е й). 4. All these branches (упр а вляться в це нтр а ли зо ва нно м по р ядке ) from a head office. 5. Multiple shops (специ а ли зи р о ва ться) in one type of goods at various prices. 6. (О р га ни за ци и р о зни чно й то р го вли ) all rely for their sales on personal
16 contact in shops and stores. 7. Mail order houses (сле до ва ть) an entirely different method. 8. They have no (ви тр и ны) to display their goods. 9. Their (о б р а щ е ни е ) to the customer is made through catalogues.
XI.
Summarize in 7 or 8 sentences the contents of Text 2.
XII. Translate the 4th paragraph of Text 1.
XIII. In several sentences describe the essence of the supermarket. The following words and expressions will help you: 1. the supermarket, to achieve the economies of scale, like the department and multiple stores; 2. the supermarket, to achieve its advantage, in a different way; 3. the supermarket, not only to buy cheaply; 4. the supermarket, to sell cheaply too; 5. the supermarket movement, to be a certain deliberate attempt; 6. the supermarket movement, to try to eliminate, the service element in costs; 7. its good points, to be as follows: simply designed, space-saving stores, cash on the nail, carry it home yourself, and–above all–self-service.
ASSIGNMENT 4 Pre-reading task I.
Answer the question.
1. The interplay between what concepts determines the quantity of the goods that is produced and the price at which it is bought and sold? Explain your point of view.
II.
Read Text 1. Demand, Supply, and Equilibrium (Text 1) Demand is the quantity of a good buyers wish to purchase at each
conceivable price.
17 Thus demand is not a particular quantity, such as six bars of chocolate, but rather a full description of the quantity of chocolate the buyer would purchase at each and every price which might be charged. The first column of Table 1 shows a range of prices for bars of chocolate. The second column shows the quantities that might be demanded at these prices. Even when chocolate is free, only a finite amount will be wanted. People get sick from eating too much chocolate. As the price of chocolate rises, the quantity demanded falls, other things equal. We have assumed that nobody will buy any chocolate when the price is more than £ 0.40 per bar. Taken together, columns (1) and (2) describe the demand for chocolate as a function of its price. Table 1. The demand for and supply of chocolate (1)
(2)
(3)
Price (£ /bar)
Demand (million bars/year)
Supply (million bars/year)
0.00
200
0
0.10
160
0
0.20
120
40
0.30
80
80
0.40
40
120
0.50
0
160
Supply is the quantity of a good sellers wish to sell at each conceivable price. Again, supply is not a particular quantity but a complete description of the quantity that sellers would like to sell at each and every possible price. Notice the distinction between demand and the quantity demanded. Demand describes the behaviour of buyers at every price. The term “quantity demanded” makes sense only in relation to a particular price. A similar distinction applies to supply and quantity supplied. We must recognize that the demand schedule relating price and quantity demanded and the supply schedule relating price and quantity supplied are each
18 constructed on the assumption of “other things equal”. In the demand for football tickets, one of the “other things” that is important is whether or not the game is being shown on television. We must examine how the price adjusts to balance the quantities supplied and demanded, given the underlying supply and demand schedules relating quantity to price. Let us think again about the market for chocolate described in Table 1. Other things equal, the lower the price of chocolate, the higher the quantity demanded. Other things equal, the higher the price of chocolate, the higher the quantity supplied. A campaign by dentists warning of the effect of chocolate on tooth decay, or a fall in household incomes, would change the “other things” relevant to the demand for chocolate. Either of these changes would reduce the demand for chocolate, reducing the quantities demanded at each price. Cheaper cocoa beans, or technical advances in packaging chocolate bars, would change the “other things” relevant to the supply of chocolate bars. They would tend to increase the supply of chocolate bars, increasing the quantity supplied at each possible price.
III.
Answer the following questions.
1. What economic categories do Western economies rely on to allocate resources between competing uses? 2. What economic term is appropriate to call the behaviour of buyers: demand or supply? Give your reasons.
IV.
Check up the pronunciation of unfamiliar words in a dictionary and read Text 2 aloud.
Demand, Supply, and Equilibrium (Text 2) 1. Demand is not a particular quantity, such as six bars of chocolate. 2. It is a full description of the quantity the buyer would purchase at each and every
19 price. 3. Supply is not a particular quantity. 4. It is a complete description of the quantity that sellers would like to sell at each and every possible price. 5. We must notice the distinction between demand and the quantity demanded. 6. Demand describes the behaviour of buyers at every price. 7. The term “quantity demanded” makes sense only in relation to a particular price. 8. A similar distinction applies to supply and quantity supplied. 9. The demand schedule and the supply schedule are each constructed on the assumption of “other things equal”. 10. In the demand for football tickets, for example, one of the “other things” is whether or not the game is being shown on television. 11. We must examine how the price adjusts to balance the quantities supplied and demanded. 12. Let us think about the market for chocolate. 13. Other things equal, the lower the price of chocolate, the higher the quantity demanded. 14. Other things equal, the higher the price of chocolate, the higher the quantity supplied. 15. Thus dentists may warn of the effect of chocolate on tooth decay. 16. This information would change the “other things” relevant to the demand for chocolate. 17. Negative changes would reduce the demand for chocolate, reducing the quantities demanded at each price. 18. Cheaper cocoa beans would change the “other things” relevant to the supply of chocolate bars. 19. They would tend to increase the supply of chocolate bars, increasing the quantity supplied at each possible price.
V.
Write out from text 2 the English equivalents for the following words and expressions:
1. спр о с, о со б о е ко ли че ство ; 2. по лно е о пи са ни е , по купа те ль, по купа ть; 3. пр е дло ж е ни е ; 4. по лно е о пи са ни е , пр о да ве ц, пр о да ва ть; 5. за м е ни ть, р а зли чи е ; 6. о пи сыва ть, по ве де ни е ; 7. те р м и н, и м е ть см ысл, о со б а я це на ; 8.
по до б но е
р а зли чи е ,
пр е дло ж е ни е , пр и
о тно си ться;
9.
та б ли ца
спр о са ,
стр о и ть,
пр о чи х р а вных усло ви ях; 10. б и ле т, ли , и гр а ,
по ка зыва ть; 11. р а ссм о тр е ть, пр и спо са б ли ва ть, ур а вно ве ши ва ть; 12.
20 дум а ть, р ыно к шо ко ла да ; 14. че м ни ж е … , те м выш е ; 15. та к, сто м а то ло ги , пр е дупр е ж да ть,
во зде йстви е ,
р а зр уш е ни е
зуб о в;
16.
и зм е нять,
о тно сящ и йся; 17. не га ти вные и зм е не ни я, ум е ньша ть; 18. ка ка о , б о б , и зм е нять, о тно сящ и йся к спр о су; 19. и м е ть те нде нци ю, уве ли чи ва ть, во зм о ж ный.
VI.
Translate Text 2 into Russian (in writing).
VII. Translate the Russian version of Text 2 into English (orally).
VIII. Make up meaningful phrases with the following. 1. demand, not to be a particular quantity; 2. it, to be a full description, the buyer, to purchase; 3. supply, not to be a particular quantity; 4. it, to be a complete description, sellers, to sell; 5. we, no notice the distinction, demand, the quantity demanded; 6. demand, to describe, the behaviour;7. the term, to make sense, in relation to; 8. a similar distinction, to apply to; 9. the demand schedule, to be constructed, the assumption; 10. football tickets, one of the “other things”, to be, whether, to show on television; 11. we, to examine, how, the price, to adjust, to balance; 12. to think about, the market for; 13. the lower (the price)… the higher (the quantity); 14. the higher (the price)… the higher (the quantity); 15. thus, dentists, to warn, the effect of chocolate, tooth decay; 16. their information, to change the “other things”, relevant to; 17. negative changes, to reduce, the demand for; 18. cheaper cocoa beans, to change the “other things”, relevant to; 19. they, to tend, to increase, the supply of, increasing, the quantity supplied.
IX.
Discuss Text 2 in pairs in the following way. One of the students puts a question to the first sentence. His partner answers the question, says next two sentences and puts a question to the fourth sentence and so on. Add
21 the following expressions when it is appropriate: to my mind, in my opinion, as far as I know, as a matter of fact, the fact is that, according to the author, by the way, etc. Use the previous exercise as a plan for your dialogue.
X.
Replace the Russian words and expressions with their English equivalents. 1. (Спр о с) is not a particular quantity, such as six bars of chocolate. 2. It
is (по лно е о пи са ни е ) of the quantity the buyer would purchase at each and every price. 3. We must notice (р а зли чи е ) between demand and the quantity demanded. 4. The demand schedule and (та б ли ца пр е дло ж е ни я) are each constructed on the assumption of “other things equal”. 5. We must also (р а ссм о тр е ть) how the price adjusts to balance the quantities supplied and demanded. 6. Let us think about (р ыно к) for chocolate. 7. (П р и пр о чи х р а вных усло ви ях), the higher the price of chocolate, the higher the quantity supplied. 8. Other things equal, (че м ни ж е це на ) of chocolate, the higher the quantity demanded. 9. Thus dentists may (пр е дупр е ж да ть) of the effect of chocolate on tooth decay. 10. This information would change the “other things” (о тно сящ и е ся) to the demand for chocolate. 11. (Н е га ти вные ) changes would reduce the demand for chocolate, reducing the quantities demanded at each price.
XI.
Summarize in 9 sentences the contents of Text 2.
XII. Translate into Russian the passage of Text 1 beginning with “ Let us think again about the market for chocolate. Other things equal, the lower the price of chocolate… ” and up to the end of the text.
22 XIII. Speak about a market, using the following words. 1. the interplay between demand and supply, to determine the quantity and the price of the goods; 2. as, we, to know, markets, to be arrangements, through which prices, to guide resource allocation; 3. we, may adopt, a narrower definition; 4. a market, to be a set of arrangements, by which, buyers and sellers, to be in contact, to exchange goods and services; 5. price and quantity, cannot be considered separately; 6. the essential features of a market, to be demand and supply; 7. they, to be based on, the behaviour of buyers and sellers; 8. to study the interaction of these forces, to be, to see how a market, to work in practice.
Со ста ви те ли : Ага фо но ва Ир и на Гр и го р ье вна , М и ши н Але кса ндр Бо р и со ви ч Ре да кто р Т и хо м и р о ва О .А.
