| 1. рыночная экономика | 6. рыночное равновесие |
| 2. предельная полезность | 7. факторы производства |
| 3. рынок труда | 8. эффект замещения |
| 4. предельная стоимость | 9. закон спроса |
| 5. рынок с совершенной конкуренцией | 10. распределение доходов |
3. Переведите следующие слова и выражения на русский язык.
| 1. demand-and-supply theory | 6. profit-maximizers |
| 2. demand for labour | 7. purchasing power |
| 3. income effect | 8. perfect competition |
| 4. product availability | 9. law of demand |
| 5. normal good | 10. supply curve |
4. Выберите правильный вариант ответа.
1. ……… describes individual consumers as rationally choosing the most preferred quantity of each good, given income, prices, tastes, etc.
a) supply theory b) market equilibrium c) demand theory
2. The point on the demand curve indicates ………. to consumers for a given customer good.
a) marginal utility b) supply c) perfect competition
3. The quantity of labour employed and the price of labour (the wage rate) depends on the ………..
a) purchasing power b) demand for labour c) income effect
4. The …………. describes how prices vary as a result of a balance between product availability and demand.
a) normal good b) demand for labour c) supply and demand model
5. Producers, for example business firms, are hypothesized to be ………….
a) market b) profit-maximizers c) consumers
5. Ответьте на вопросы.
1. What does the supply and demand model describe?
2. What do factors of production include?
3. When does market equilibrium occur?
4. What does demand theory describe?
5. What are profit-maximizers?
6. Выполните КОПР №3 «Группа времен Progressive (Continuous)», подтемы «Особенности правописания», «Употребление».
Part 2
1. Прочитайте незнакомые слова перед прослушиванием текста.
literacy – грамотность
deadline – конечный срок
apply – подавать заявление
2. Прослушайте текст «English Language Center» (для прослушивания кликните один раз на приведенную ниже ссылку, удерживая клавишу «Ctrl», после загрузки страницы нажмите на кнопку проигрывателя).
Ссылка для прослушивания: http://esl-lab.com/elc/elcrd1.htm
3. Выберите правильный вариант ответа.
1. Which was NOT mentioned as part of the purpose of the English Language Center?
A. to help international students prepare to enter institutions of higher learning
B. to teach students how to use English in their daily lives and at work
C. to provide work opportunities for graduating students in the community
2. What is one course taught at the English Language Center?
A. business English
B. US Culture
C. TOEFL
3. If the Fall semester begins on August 29th, by what date should one apply to the program?
A. May 29th
B. June 29th
C. July 29th
4. What is the tuition for a full-time student?
A. $2030
B. $2300
C. $2013
5. Which one was NOT mentioned as part of the application packet a student must send to the center?
A. sponsorship form
B. high school transcripts
C. application fee
4. Выразите свою точку зрения.
1. Tell in a few words what the theory of demand and supply is.
2. Imagine you are a Product Manager of a computer corporation. Two years ago the goods of your company were sold in large amount on the market. Now your sales are very poor. Think what you can do to increase sales.
3. How do you understand the expression “Where there is demand, there is supply”?
При ответе используйте фразы:
| To my mind … | In my experience … |
| In my opinion … | As far as I understand … |
| On the one hand, …on the other hand | From my point of view … |
| If my memory serves me right … | If I am not mistaken … |
| It seems to me that … | Personally, I think … |
| My personal view is that … | I am sure/certain/convinced that … |
| The fact is that … | This proves that … |
| It is obvious that … | There is no doubt that … |
Part 3
Ответьте на нижеприведенное письмо. Используйте раздел «Полезные фразы для написания письма» приведенный в конце пособия.
| 05.02.2011 Sergey Sakharov RusInvestment ltd. 12 Prospect Mira, Moscow, Russia, 425450 Dear Mr. Sakharov, We are glad to send you the information on the forthcoming Detroit Auto Show exhibition that will take place on 11 - 24 March 2011 upon your request (see the attached file). You will have opportunity to see new models and concept cars and make investments to develop concept cars for future sale. Please let us know if you would like to take part in this event so that we could send you the invitation letter to get the visa ready and book a room at the hotel. Also we would like to you to let us know what group discussion you would like to take part in: - Investment in Concept Cars; - Investment in Car Market; - Hybrid Automobiles Investment; Best regards, Stuart Field Chiefe Executive of Detroit Auto Show 16 West Street, Detroit, USA 546789 |
Unit 4
Part 1
Прочитайте и переведите текст.
4. Market failure
Pollution can be a simple example of market failure. If costs of production are not borne by producers but are by the environment, accident victims or others, then prices are distorted.
The term "market failure" encompasses several problems which may undermine standard economic assumptions. Although economists categorise market failures differently, the following categories emerge in the main texts.
Natural monopoly, or the overlapping concepts of "practical" and "technical" monopoly, is an extreme case of failure of competition as a restraint on producers. The problem is described as one where the more of a product is made, the greater the unit costs are. This means it only makes economic sense to have one producer.
Information asymmetries arise where one party has more or better information than the other. The existence of information asymmetry gives rise to problems such as moral hazard, and adverse selection, studied in contract theory. The economics of information has relevance in many fields, including finance, insurance, contract law, and decision-making under risk and uncertainty.
Incomplete markets is a term used for a situation where buyers and sellers do not know enough about each other's positions to price goods and services properly. Based on George Akerlof's article, the paradigm example is of a dodgy second hand car market. Customers without the possibility to know for certain whether they are buying a "lemon" will push the average price down below what a good quality second hand car would be. In this way, prices may not reflect true values.
Public goods are goods which are undersupplied in a typical market. The defining features are that people can consume public goods without having to pay for them and that more than one person can consume the good at the same time.
Externalities occur where there are significant social costs or benefits from production or consumption that are not reflected in market prices. For example, air pollution may generate a negative externality, and education may generate a positive externality (less crime, etc.). Governments often tax and otherwise restrict the sale of goods that have negative externalities and subsidize or otherwise promote the purchase of goods that have positive externalities in an effort to correct the price distortions caused by these externalities. Elementary demand-and-supply theory predicts equilibrium but not the speed of adjustment for changes of equilibrium due to a shift in demand or supply.
In many areas, some form of price stickiness is postulated to account for quantities, rather than prices, adjusting in the short run to changes on the demand side or the supply side. This includes standard analysis of the business cycle in macroeconomics. Analysis often revolves around causes of such price stickiness and their implications for reaching a hypothesized long-run equilibrium. Examples of such price stickiness in particular markets include wage rates in labour markets and posted prices in markets deviating from perfect competition.
Macroeconomic instability, addressed below, is a prime source of market failure, whereby a general loss of business confidence or external shock can grind production and distribution to a halt, undermining ordinary markets that are otherwise sound.
Some specialised fields of economics deal in market failure more than others. The economics of the public sector is one example, since where markets fail, some kind of regulatory or government programme is the remedy. Much environmental economics concerns externalities or "public bads".
Policy options include regulations that reflect cost-benefit analysis or market solutions that change incentives, such as emission fees or redefinition of property rights.
1. Соотнесите слова и их определения.
| 1. insurance | a. money provided by a bank or other institution to help buy or do something |
| 2. finance | b. protection against something bad happening |
| 3. decision-making | c. someone who buys goods or services |
| 4. customer | d. an advantage, improvement, or help that you get from something |
| 5. benefit | e. the process of making important decisions |
2. Переведите следующие слова и выражения на английский язык.
| 1. рыночная цена | 6. внешние факторы экономической деятельности |
| 2. совершенная конкуренция | 7. естественная монополия |
| 3. государственный сектор | 8. рыночная неэффективность |
| 4. негибкость цены | 9. несовершенный рынок |
| 5. общественные товары (блага) | 10. издержки производства |
3. Переведите следующие слова и выражения на русский язык.
| 1. external shock | 6. business cycle |
| 2. macroeconomic instability | 7. undermine markets |
| 3. wage rates | 8. consumption |
| 4. information asymmetry | 9. restraint on producers |
| 5. second hand car market | 10. good quality |
4. Выберите правильный вариант ответа.
1. ………… is a situation where buyers and sellers do not know enough about each other's positions to price goods and services properly.
a) business cycle b) competition c) incomplete market
2. …………. occur where there are significant social costs or benefits from production or consumption that are not reflected in market prices.
a) emission fees b) externalities c) wage rates
3. ……… is a prime source of market failure.
a) macroeconomic instability b) consumption c) restraint on producers
4. ………. arise where one party has more or better information than the other.
a) information asymmetries b) external shocks c) restraint on producers
5. ………… are goods which are undersupplied in a typical market.
a) private goods b) personal goods c) public goods
5. Ответьте на вопросы.
1. When does market failure happen?
2. What is information asymmetry?
3. What is cost-benefit analysis?
4. What are public goods?
5. What is incomplete market?
6. Выполните КОПР №3 «Группа времен Progressive (Continuous)», подтемы «Present Progressive (Continuous) Tense», «Past Progressive (Continuous) Tense».
Part 2
1. Прочитайте незнакомые слова перед прослушиванием текста.
break even - не приносить ни прибыли, ни убытка
throw in – добавлять, вставлять
2. Прослушайте текст «Street Market» (для прослушивания кликните один раз на приведенную ниже ссылку, удерживая клавишу «Ctrl», после загрузки страницы нажмите на кнопку проигрывателя).
Ссылка для прослушивания: http://esl-lab.com/flea/fleard1.htm
3. Выберите правильный вариант ответа.
1. Why did the man not buy the ring for sale?
A. He doesn't think it is very special
B. Someone else bought it before him
C. He has no need for a ring
D. The ring is too small
2. What is the problem with the CD player?
A. The buttons are scratched
B. The CD casing is chipped
C. The handle is damaged
D. The display is loose
3. The man is not interested in the leather jacket because:
A. it is stained
B. he already has one
C. its too expensive
D. the seams are coming undone
4. What is the customer's initial counter offer for the records?
A. $25
B. $28
C. $30
D. $35
5. From the conversation, what does the customer probably purchase from the merchant in the end?
A. only records
B. only a vase
C. some records and a vase
D. nothing
4. Выразите свою точку зрения.
1. What is a market? What other meanings does this word have?
2. What is market economy? Is Russia a market economy?
3. Imagine you are a product manager of a fast food company. Your company possesses 5% of the fast food industry market share. What can you do to increase your market share?
При ответе используйте фразы:
| To my mind … | In my experience … |
| In my opinion … | As far as I understand … |
| On the one hand, …on the other hand | From my point of view … |
| If my memory serves me right … | If I am not mistaken … |
| It seems to me that … | Personally, I think … |
| My personal view is that … | I am sure/certain/convinced that … |
| The fact is that … | This proves that … |
| It is obvious that … | There is no doubt that … |
Part 3