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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) At the London Stock Exchange stockbrokers... business on behalf of clients. 2) When supply is much greater than demand traders cut prices until the... price is reached. 3) To understand how a market works in practice, we must study the interaction of... and supply. 4) When the quantity demanded... the quantity supplied, the sellers may run out of stock. 5)... supply happens when the price of a commodity is too high. 6) At high prices it becomes very... to supply the goods. 7) To balance the market, the traders must... intermediate price. 8) At the auctions buyers... against each other with the seller taking a passive role. 9) Some markets do not bring buyers and sellers together and operate through.... 10) When the price is too low, there is no... to supply the commodity. | a) exceeds b) lucrative c) transact d) bid e) intermediaries f) equilibrium g) underlie h) incentive i) demand j) charge k) capacity l) excess |
2. Выберите существительное, которое может следовать за данным глаголом:
| 1) to bring together a) the buyers; b) the prices; c) the sales. | 2) to charge a) spaces; b) stocks; c) prices. |
| 3) to exceed a) the goods; b) the quantity; c) the quality. | 4) to increase a) the intermediary; b) the supply; c) the equilibrium. |
| 5) to adopt a) a definition; b) an allocation; c) an auction. |
3. Выберите из приведенного списка термины, соответствующие данным определениям.
| а) gathering of buyers and sellers to exchange commodities or services; space or building used for it; b) the quantity of commodities sellers wish to sell at each possible price; c) the quantity of commodities buyers wish to purchase at each possible price; d) amount or number being measurable; e) state of balance; f) buying and selling transaction. | 1. demand; 2. equilibrium; 3. sale; 4. market; 5. supply; 6. quantity. |
Unit 8
I. Information for Study.
Text A
Прочтите следующую информацию и запишите на полях основные термины, связанные с тематикой текста.
THE PRICE OF RELATED GOODS
Suppose, we study the demand for tube travel. A rise in bus fares or petrol prices would increase the quantity of tube travel demanded at each possible price. In everyday language, we think of buses and private cars as substitutes for the tube. Loosely speaking, this means that a journey may be made by bus or car instead of by tube. More precisely, an increase in the price of buses or cars will lead to an increase in the demand for tube travel. Economists use an even more precise definition of substitutes but everyday language gives the right idea of what we mean. Similarly, everyday language suggests that petrol and cars are complements because you cannot use a car without also using petrol. A rise in the price of petrol tends to reduce the demand for cars.
How do these ideas about substitutes and complements relate to the demand for chocolate bars? Clearly, other sweets (mint drops and jelly babies) are substitutes for chocolate. We expect an increase in the price of other sweets to increase the quantity of chocolate demanded at each possible chocolate price, as people substitute away from other sweets towards chocolate. If people buy chocolate to eat at the cinema, films would be a complement for bars of chocolate. A rise in the price of cinema tickets would reduce the demand for chocolate since fewer people will go to the cinema. Nevertheless, it is difficult to think of a lot of goods that are complements for chocolate. This suggests, correctly, that most of the time goods are substitutes for each other. Complementarity, while present in many instances, is usually a more specific feature (record players and records, coffee and milk, shoes and shoelaces).
Before we leave the influence of prices of related goods on the demand for a particular commodity, it should be noted that the development of new products can be viewed within this framework. Technological advances that make possible hand calculators, low fuel consumption cars, or low-calorie beer affect the demand for related goods. One way to think about this is to say that the new product had always been available, but previously its price had been prohibitively high so that nobody could afford it. The technological advance enables the new product to be made available at a much lower price. This will stimulate demand for goods that are complements to the new product (video games may increase the demand for televisions on which they can be played in the home) but reduce the demand for substitutes for the new product (being able to watch films on a home video reduces the demand for going to the cinema).
CONSUMER INCOMES
Demand is also influenced by consumer income.When incomes rise, the demand for most goods increases. Typically, consumers buy more of everything. However, there are exceptions.
A normal good is a good for which demand increases when incomes rise. An inferior good is a good for which demand falls when incomes rise.
As their name suggests, most goods are normal goods. An example of an inferior good might be cheap but nasty cuts of meat. As household incomes rise, households spend absolutely less on cheap cuts and more on better cuts of meat such as steaks. Inferior goods are typically cheap but low-quality goods which people would prefer not to buy if they could afford to spend a little more.
TASTES
We must also consider consumer tastes or preferences. In part, these are shaped by convenience, custom, and social attitudes. When the Beatles and the Rolling Stones first became popular, the demand for haircuts suddenly fell. The fashion for the mini-skirt reduced the demand for textile material. More recently, the emphasis on health and fitness has increased the demand for jogging equipment, health foods, and sports facilities while reducing the demand for cream cakes, butter, and cigarettes.
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