Part II. Reading comprehension.

1. What does the term ‘market’ refer to?

2. What are the two types of organized markets?

3. What particular markets does each type include?

4. Why are consumers bypassing traditional delivery channels now?

5. What does e-commerce mean?

6. Why is it important to work out the right price for a product or service?

7. What factors does the price of merchandise depend on?

8. How are agricultural prices decided?

9. Who charges prices for industrial products?

10. What field of economy does the government set prices in?

11. Why is it so important to know the levels of supply and demand when dealing with pricing?

12. What are the functions of price?

13. What is the basic price mechanism?

14. What do prices signal to producers and to consumers?

15. What does perfect competition mean?

16. What are the characteristics of a monopoly?

Ex.1. Memorize the following definitions.

Market – a set of arrangements by which buyers and sellers are in contact to exchange goods or services.

Demand – the quantity of a product buyers wish to purchase at a certain price.

Supply – the quantity of a product sellers wish to sell at a certain price.

Spot market – a market in which a commodity is bought or sold for immediate delivery or delivery in the very near future.

Forward market – a market in which participants agree to trade some commodities, securities, or foreign exchange at a fixed price for future delivery.

Commodity – goods sold in very large quantities, such as metals, foodstuffs, etc.

Produce (n) – things that have been made or grown, especially things connected with farming.

Trade-in-allowance – the amount of money by which the seller reduces the sale price of the property in return for the property of the buyer.

Market price – the price of raw materials, products, services, securities, etc. that is charged in a free or competitive market.

Ex.2. Give English equivalents to the following word-combinations and phrases.

Make your own sentences using them.

1. вирішувати що, як та для кого виробляти; 2. потенційний продавець товарів та послуг; 3. наявність засобів обміну; 4. закони попиту та пропозиції; 5. у відповідності з певною низкою правил; 6. фактичні фізичні товари для негайної поставки; 7. ф’ючерсна ціна; 8. ціна спот; 9. трейдери вирішують питання щодо купівлі чи продажу товару; 10. у свою чергу;

11. діяти переважно через акціонерів; 12. інші види діяльності, що пов’язані з ціноутворенням та торгівлею акціями; 13. шукати нові джерела;

14. спроможність постачати товари та надавати послуги; 15. послуги усіх видів; 16. товари, що продаються по Інтернету; 17. приносити максимальний прибуток впродовж тривалого періоду; 18. залежити від декількох факторів; 19. бути розповсюдженим серед населення; 20. в залежності від режиму конкуренції; 21. конкурувати у постачанні одного виду товару; 22. мати особистий вплив на ринкову ціну; 23. право встановлювати ціни; 24. для максимізації прибутку

Ex.3. Find antonyms to the following words and expressions in the text:

seller; producer; not profitable; to buy; higher; perfect competition

Ex.4. Find synonyms to the following words and expressions in the text:

a means of exchange; to bring together; goods; marketplace; to purchase; client;

to choose; online world; consumer; to determine the price; agricultural products;

to justify expenditures; producing; to charge the price; income; delivery; trade; terms

Ex.5. Match the words and expressions to their definitions.

Ex.6. Match the words to make collocations and make your own sentences with them.

Ex.7. Complete the following sentences with the given words and expressions. Translate them into your native tongue.

1. In a mixed economy the government itself is responsible for one half of production through the_____.

2. There is the Stock Exchange Automated Quotation system (SEAQ) which is the _____ of the London stock market.

3. The pound yesterday was stronger against most currencies, aided by firmer _____ oil prices.

4. He was forced to sell below the current _____ to make a quick sale.

5. Information in the SEAQ enables the market-maker to set a selling price and a lower_____.

6. The television comes with a year’s_____.

7. How can they _____ paying such huge salaries?

8. The currency has lost so much of its value that _____ has become the preferred way of doing business.

9. The shop sells only fresh local_____.

10. We haven’t invested any money in our _____ for quite a while and as a result there are some offices which are in need of renovation.

Ex.8. Substitute the following definitions with the proper word-combinations in the box. Give their equivalents in your native tongue.

a) buying and selling goods in a way not allowed by law

b) a place where people purchase food

c) number of workers available for work

d) electronic marketplace for services or goods

e) sales and purchases of houses

f) premises where products are bought and sold

g) a place where commodity is traded for future delivery

h) market for secondhand goods

i) a market in which securities are bought and sold

j) market for factors of production

k) a place where products are traded for immediate delivery

l) a market for commodities

Ex.9. Complete the following word-combinations with prepositions and make your own sentences with them.

Ex.10. Choose the correct words in italics to complete the sentences. Translate them into your native tongue.

1. The currency has lost so much of its value that barter / exchange has become the preferred way of doing business.

2. Savings have been disposed of in order to meet the growing gap between income and expenditure / loss.

3. Crude oil is the world’s most important commodity / material.

4. Winning this contract is interesting / crucial to the success of the company.

5. We need to work harder to remain rival / competitive to other companies.

6. The shortage of goods stock has kept some sellers away from the stock market / spot market.

7. The three biggest US fruit companies control about 66% of the trade market / world market.

8. The government increased prices on several basic commodities / units.

9. The earliest stock markets / futures markets were organized to facilitate trading of farm products like wheat and corn.

10. Consumers are bypassing / changing traditional delivery channels in their search for quality, savings, convenience, and personal fit in all products and services.

Ex.11. Form word-combinations from the following elements and translate them into your native tongue.

Ex.13. Match the elements to get compound words.

Ex.14. Make nouns denoting a person from the following words:

to sell, to trade; to produce, to purchase, to consume, to supply, to compete,

a farm, to set a price

Ex.15. Make derivatives of the following words with the help of the prefixes on-, by-, over-, ex-. Translate them into your native tongue and complete the following phrases with them.

Ex.16. Complete the following sentences with the correct form of the word in capitals. Translate them into your native tongue.

Ex.18. Discuss the following questions with your partner.

1. What is your idea of the term ‘market price’?

2. What is more preferable for you: low prices with no extra services or high prices with home delivery, repair and other services?

3. Why is it so important to have a loss leader item in a shop?

4. How can pricing policy help to compete with well-known products?

Ex.19. Imagine that you are a journalist. You are to interview the Minister of Finance about the pricing policy in this country. What questions would you ask him?

Part II. Reading comprehension.

Read the text and do exercises that follow it.

Text 1.

How drugs work

«Drugs», from a pharmaceutical point of view, are substances used in the manufacture of medicine. Today`s colloquial understanding of the term, includes those ″recreational substances″ that are associated with the less desirable elements of society. It`s an important consideration when questioning a patient, and it will probably create a more comfortable atmosphere if you refer to ″drugs″ as medications.

Every drug can be classified into a group of ′drugs′, and within that group ( with its ′ s associated` chemical name,) usually has two names (a ``generic`` name and a ``brand`` name) associated with it. The chemical name of any drug group is usually a long string of ( normally) unrecognizable, unpronounceable, letters and numbers, which describes in detail the exact composition of the medication. The generic name of a drug is the name that describes the drug ′s chemical group, while the brand (trade) name is the name under which a particular drug company markets the generic drug. A complete list of generic drugs approved for use in the United States can be found in a book called the ``United States Pharmacopoeia``.

The ″dosage (dose)″ is the amount of the medication given to the patient, and is determined by the patient’s physician after appropriately considering the strength of the drug, and the age , weight, sex, size, and tolerance of the patient. The ″action″ of the drug is the desired therapeutic effect expected from the patient. The ″side effects″ are any actions other than the desired effects. The ″indications″ are the therapeutic used for any particular medication, and are usually expressed in terms of signs, symptoms, and/or events just prior to the administration of the drug. The ″contraindications″ are any ′considerations′ that might indicate that administration of a particular drug would either cause harm to, or have no therapeutic effect in, this patient. The ″route″ is the prescribed method for administering the medication.

Different drugs are administered (given) in different ways. But once in the body, almost all drugs work the same way – by altering the speed of cell activities.

Entrance into the body. Most drugs are administered orally. But drugs may also be given in several other ways. For example, they may be injected, inhaled, or applied to the skin. The method of administration depends on the form and purpose of a drug. An anesthetic gas, for example, must be inhaled to produce unconsciousness. Ointments are applied directly to the area being treated.

Each method of administration has advantages and disadvantages. For example, the easiest and safest way to take a drug is by swallowing it. But some drugs cannot be taken orally because stomach juices destroy them. Injected drugs act quickly in the body. But injection is somewhat painful, and it presents greater risk of infection than do other methods of administration.

Researchers are constantly developing new methods of administration. A device called a transdermal patch contains a layer of medication and is attached to the skin like a bandage. The patch slowly and continuously releases the drug, which seeps through the skin to the bloodstream. The coronary vasodilator nitroglycerin may be administered in this way. Another device, the implantable pump, consists of a small, metal disc with a chamber that can be filled with a drug. The pump is inserted in the body surgically and delivers the medication continuously. It may be refilled by injection.

Action in the body. Most drugs that are swallowed, inhaled, or injected enter the blood stream and travel throughout the body. They pass from the blood into the cells of the tissues where the drug action occurs. Only a few kinds of drugs – such as eye drops, local anesthetics, and nasal sprays – act before entering the bloodstream. When these drugs eventually enter the blood, the amount is usually too small to produce additional effects on the cells.

Almost all drugs create their effects by altering cell activities. To explain how drugs act on cells, pharmacologists developed the receptor theory. According to this theory, chemical reactions in every living cell control the cell`s activities. Each controlling reaction causes a particular cell activity to begin, to speed up, or to slow down. A drug acts on a cell by altering one or more of these chemical reactions. It does so by attaching to receptor molecules in each cell that are normally involved in the controlling chemical reaction.

The receptor theory not only explains how drugs work, but it also points up what drugs can and cannot do. Because they react with receptors that control cell activities, drugs can only alter the speed of those activities. They cannot create new cell activities.

In most cases, the chemical reaction between a drug and the body is not a one- way process. Drugs alter cell activity, but normal body processes also change most drugs. These processes transform a drug into one or more new substances, most of which are weaker than the original drug. This changing of drugs is called biotransformation or drug metabolism. It is one way in which the body protects itself against drugs. Most biotransformation occurs in the liver. A diseased liver takes longer than a healthy liver to change a drug into a weaker substance. As a result, doctors generally reduce drug dosage for a patient with liver disease. Otherwise, the drug would last longer in the body and thus exert too great an effect.

Effect on the body. All drugs can affect the body in both helpful and harmful ways. For example, a particular drug may produce a stronger heartbeat, relief from pain, or some other desired effect. But that drug, like all drugs, can also cause undesired effects– especially if the dose is too large.

Most drugs produce changes throughout the body because the drugs circulate through the bloodstream. As a result, most drugs used to affect one part of the body also affect other parts. For example, doctors sometimes prescribe morphine to relieve pain. Morphine alters the activities of cells in the brain and spinal cord and thus reduces the sensation of pain. But morphine also alters the function of cells in the body that are not involved in sensing pain. It may decrease the rate of breathing, cause vomiting, produce constipation, and create other undesired effects.

In general, a drug’s effects are strengthened as the dose is increased and weakened as the dose is decreased. But all people do not react the same to a change in the dose of a drug. Doubling the dose, for example, may triple the strength of the drug effects in one person and not increase the effects in someone else.

Effects other that those desired are called adverse reactions. Drugs produce three main kinds of adverse reactions: (1) side reactions, (2) hypersensitivity reactions, and (3) toxic reactions. The repeated use of alcohol, narcotics, and certain other drugs may create a condition called drug dependence.

Drug dependence. People who repeatedly take large amounts of such drugs as alcohol, amphetamines, barbiturates, or narcotics may become dependent on the drugs. These people have an intense psychological or physical need for a drug`s effects. Tolerance, or resistance to a drug’s effects, usually develops along with drug dependence. As drug use continues, tolerance increases. The drug user must thus take larger and larger doses to obtain the desired effects. The development of physical or psychological dependence, or both, is commonly called drug addiction. In most cases, a severe withdrawal illness occurs if a person stops taking the drug.

Elimination from the body. The body eliminates drugs with other waste materials. Most drugs travel from the cells through the bloodstream to the kidneys and are eliminated in the urine. The body also eliminates drugs in sweat, tears, and solid wastes. Some anesthetics are eliminated almost entirely in exhaled breath.

Exercise 2. Match the terms in A) with associated terms in B)

A) 1. dosage (dose); 2. form of the medication; 3) rout; 4) contraindications; 5) indications; 6) side-effects; 7. action of the drug; 8) generic name; 9) brand name; 10) chemical name.

B) a) the prescribed method of introducing the drug into the body; b) trade name of drug privately owned by manufacturer; c) conditions which forbid the use of a particular drug; d) official name; noncommercial name for a drug; e) a toxic effect which results from the routine use or a drug; f) the amount of medication given to the patient; g) drug name which gives the chemical formula; h) therapeutic uses for any particular medication; i) the “vehicle” used to administer the drug.

Exercise 3. Define the following notions.

1) drug; 2) dosage (dose); 3. action of a drug; 4. side effects; 50 indications; 6) contraindications; 7) route of drug administration; 8) “form” of the medication; 9) hypersensitivity reactions; 10) drug dependence; 11) tolerance.

Exercise 4. Answer the following questions.

Entrance into the body

1. How are most drugs administered?

2. What does the method of administration of a drug depend on?

3. What methods of administration can you name?

Action

4. Where does the drug action occur?

5. Which drugs act before entering the blood stream?

6. How does the receptor theory explain drug action?

7. Can the drugs create new cell activities?

8. Is the chemical reaction between a drug and the body a one-way process?

9. What is drug metabolism?

10. Where does most biotransformation occur?

11. Why do doctors generally reduce drug dosage for a patient with liver disease?

Effect on the body

1. Can drugs cause both desired and undesired effects? Give examples

2. What are adverse reactions? What are kinds of them?

3. What is drug dependence?

4. How are drugs eliminated?

Date: 2015-01-02; view: 1226