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IV. Test. 1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях
1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях.
| 1) Markets are arrangements through which... influence how we allocate resources. 2) At one extreme we have the... economy which doesn’t allow individuals to make economic decisions. 3) Markets in which... do not intervene are called free markets. 4) In a free market individuals are free to... their own interests. 5) The government controls a share of the... through taxation, transfer payments, etc. 6) In a mixed economy, the government and the private sector... in solving economic problems. 7) Prices of goods and of resources adjust to ensure that scarce resources are used to... those goods and services that society demands. 8) If rents were higher it might be more... to sell hamburgers in a cheaper area. 9) Adjustment in prices would encourage society to... resources to reflect the increased scarcity of cattle. 10) The student is working there because it is a suitable... job. | a) interact b) pursue c) part-time d) purchase e) prices f) reallocate g) command h) profitable i) reduce j) produce k) governments l) output |
2. Выберите существительное, которое может следовать за данным глаголом:
| 1) to transact a) business; b) basis; c) resources. | 2) to allocate a) solutions; b) resources; c) executives. |
| 3) to raise a) pieces; b) steaks; c) prices. | 4) to produce a) guides; b) grants; c) goods. |
| 5) to satisfy a) demands; b) economy; c) services. | 6) to bid up a) works; b) prices; c) resources. |
3. Выберите из приведенного списка термины, соответствующие данным определениям.
| а) money for which a thing is bought or sold; b) a place where people meet for buying and selling; c) excess of return over outlay; d) means of satisfying a need; e) things that are bought and sold; f) to manufacture goods from raw materials. | 1. resource; 2. goods; 3. to produce; 4. price; 5. market; 6. profit. |
Unit 7
I. Information for study.
Text A
Прочтите следующую информацию и запишите на полях основные термины, связанные с тематикой текста.
DEMAND AND SUPPLY
Demand is the quantity of a good buyers wish to purchase at each conceivable price.
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 2 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 2).
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. The third column of Table 2 shows how much chocolate sellers wish to sell at each price. Chocolate cannot be produced for nothing. Nobody would wish to supply if they receive a zero price. In our example, it takes a price of at least £0.20 per bar before there is any incentive to supply chocolate. At higher prices it becomes increasingly lucrative to supply chocolate bars and there is a corresponding increase in the quantity of bars that would be supplied. Taken together, columns (1) and (3) describe the supply of chocolate bars as a function of their price.
TABLE 2. the DEMAND FOR AND SUPPLY OF CHOCOLATE
| (1) | (2) | (3) | ||
| PRICE | DEMAND | SUPPLY | ||
| (£/bar) | (million bars/year) | (million bars/year) | ||
| 0.00 | ||||
| 0.10 | ||||
| 0.20 | ||||
| 0.30 | ||||
| 0.40 | ||||
| 0.50 | ||||
| 0.60 | ||||
| 0.70 |
Notice the distinction between demand and the quantity demanded. Demand describes the behaviour of buyers at every price. At a particular price such as £0.30, there is a particular quantity demanded, namely 80 million bars/year. The term ‘quantity demanded’ makes sense only in relation to a particular price. A similar distinction applies to supply and quantity supplied.
In everyday language, we would say that when the demand for football tickets exceeds their supply some people will not get into the ground. Economists must be more precise. At the price charged for tickets, the quantity demanded exceeded the quantity supplied. Although the size of the ground sets an upper limit on the quantity of tickets that can be supplied, a higher ticket price would have reduced the quantity demanded, perhaps leaving empty space in the ground. Yet there has been no change in demand, the schedule describing how many people want admission at each possible ticket price. The quantity demanded has changed because the price has changed.
We must recognize that the demand schedule relating price and quantity demanded and the supply schedule relating price and quantity supplied are each constructed on the assumption of ‘other things equal’. In the demand for tube tickets, the ‘other things’ were the cost of alternative modes of transport. 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. If it is, the quantity of tickets demanded at each and every price will be lower than if the game is not televised. To understand how a market works, we must first explain why demand and supply are what they are. (Is the game on television? Has the ground capacity been extended by building a new stand?) Then 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 2. Other things equal, the lower...(чем ниже...)the price of chocolate, the higher... (тем выше...)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.
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