Supply and Demand

Lesson 2.

Task VII The use of Participle

Participle I - V ing

using (Active), being used (Passive)

Participle II – V ed (III)

used (Passive)

They passed the resolution calling for a world peace conference.

The increased prices caused the inflation.

The systems described below are free market systems.

Commenting last night on the plan he warned on the critical situation which might happen.

If given the opportunity, this industry will develop quickly

Encouraging the producers the government creates new working places.

When well-paid employers have motivation to grow up their productivity.

Контрольні питання

* Другий рівень – середній. Знати слова та словосполучення з теми та вміти використовувати в реченнях; знати основні поняття та правила.

** Третій рівень – достатній. Знати основні визначення, поняття та правила. Вміти використовувати їх в зв’язному мовленні. Відповідати на питання.

*** Четвертий рівень – високий. Визначати проблемні питання. Вміти логічно та вільно висловлюватися в межах вивчених тем.

Supply and Demand. The Use of Participle.

*Task I. Learn the new vocabulary:

Transaction – угода, справа, ведення справи

Cost – вартість, витрати

Price – ціна

Buying intentions – намір придбати

Determinants – фактори, що визначають

Expectations – очікування

Impose – оподатковувати

Taxes on income – податки на прибуток

To be willing to do smth – бажати виконувати якусь дію

To be influenced by – мати вплив

То be worth – бути вартим

Task II. Suggest the Ukrainian equivalents for the following:

Market transaction, supply and demand, to supply resources to the market, to look for a job, goods and services, to demand goods, to supply goods and services, to be willing to buy certain goods, expression of consumer’s buying intentions, statement of actual purchases, respective tastes, desire for goods, collective behavior, to be influenced by, to impose taxes on income, to earn income, to be worth the hassle, to withdraw the goods from the market

Task III. Make up sentences using the construction like this:

The + comparative … the +comparative

e. g. the sooner the better

much money to invest – a high return

The more money to invest, the higher the return you can expect.

1. to produce goods and services – to enjoy a high standard of living

2. wide advertising – high sales

3. high prices – for some goods – low sales

4. a great demand – high prices – much profit

5. the severe inflation – the rise in the general price level – the fall in the purchasing power

6. hard work – much money receive

**Task IV. Read and translate the text:

Activities involved in getting goods from the producer to the consumer are called Marketing. The producer is responsible for the design and manufacture of goods. In large corporations the marketing operations precede the manufacture of a product. They involve market research and product development, design and testing. Marketing concentrates primarily on the buyers, or consumers, determining their needs and desires.

The two sides of each market transaction are called supply and demand. We are supplying resources to the market when we look for a job — that is, when we offer our labor in exchange for income. But we are demanding goods when we shop in a super­market — that is, when we are prepared to offer money in exchange for something to eat. Business firms may supply goods and services in product markets at the same time that they are demanding factors of production in factor market.

A demand exists only if someone is willing and able to pay for the good - that is, exchange money for a good or service in the marketplace.

Demand is an expression of consumer buying intentions, of a willingness to buy, not a state­ment of actual purchases. The market demand is determined by the number of potential buyers and their respective tastes, incomes, other goods, and expectations. A consumer's willingness and ability to buy a product at various prices depend on a variety of forces. The determinants of demand include tastes (desire for this and other goods), income (of the consumer), other goods (their availability and price), expecta­tions (for income, prices, tastes). The law of demand says that the quantity of a good demanded in a given time period increases as its price falls.

The market supply of a good reflects the collective behavior of all firms that are willing and able to sell that good at various prices. The determinants of market supply include technology, factor costs, other goods, taxes, and expec­tations, number of sellers. In the real world, the decision to supply goods and services is also influ­enced by the long arm of the state. Federal, state, and local govern­ments impose taxes on income earned in the marketplace. When tax rates are high, people get to keep less of the income they earn. Some people may conclude that some goods are no longer worth the hassle and withdraw from the market. Expectations are also important on the supply side of the market.

Task V. Give the English equivalents to the following word – combinations:

Рівень податків, оподатковувати доход, постачати товари на ринок, купівельні наміри споживача, заробляти гроші, платити за товар, закон попиту, пропонувати гроші в обмін на товар, обмінювати гроші на товари та послуги, зважаючи на смаки, бажання купити, залежати від доходу, виводити товари з ринку, залежати від ціни, продавати товар за різними цінами залежати від великої кількості чинників

** Task VI. Answer the questions on the text.

1. What are the sides of market transaction?

2 What is demand?

3 What is demand determined by?

4 What do the determinants of demand include?

5 What does the law of demand say?

6 What is the market demand determined by?

7 What does the market of supply reflect?

8 What are the determinants of supply?

***Task VII. Explain the given below schemes. Mind the economics abbreviation. Solve the following tasks.

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