Find the sentences revealing the idea of competition

Task 22

Single out the most characteristic feature(s) of free market.

Task 23

Read each paragraph and find the sentence(s) that reveal(s) the idea of the title

Task 24

Copy out the topic sentence in each part of the text.

Task 25

a) Translate the sentences(s) containing rather…than

b) State the function of -ing words.

Task26

Answer the questions:

1. What does the word market mean?

2. What is the opposite to a free market?

3. What is the difference between controlled and regulated markets?

4. What is the function of the price of a good in the marketplace?

5. A free market is a perfect market. Give pros and cons.

6. Does the free market lead to developing of economics of the country?

7. Does the free market occur in any type of economics?

8. What are positive and negative features of a free market?

9. What is the function of taxation in free market system?

10. What is the function of the government in free market system?

Task 27

Make a plan to retell the text.

Task 28

Write a brief summary of the text. Use the following key-patterns:

Task 29

Points for discussion

1. What are the likely effects of incorrect price ceilings and price floors?

2. Does your firm distinguish between classes of customers in the price it charges for a particular product? Who does make this distinction? Why?

3. What is the role of information in market structure determination? Does advertising make a market more competitive?

4. Explain why price discrimination is undesirable.

5. Can it be said that the market does a poor job of allocating resources between the present and the future?

UNIT 5

For every promise, there is price to pay.

(Jim Rohn)

The price elasticity of demand

Pre-reading tasks

Task 1

Practice the reading of the following words:

Task 2

Make sure you can read these words correctly and say what words in the Russian language help you (to) guess their meaning:

sensitivity; season; lead; reduce; examine; elasticity; effect; horizontally; normal; cotton; idea; constant

Task 3

Give the initial forms of the following words:

demanded; cooking; incomes; definitions; has; more; typically; owner; could; grows; multiplied

Task 4

Learn to recognize the following international words:

problem; investors; result; start; moment; total; budget; positive; zero; components; strategy; inflation

Task 5

Read and translate the following words paying attention to the stress displacement:

elastic - elasticity; reduce - reduction; consumer - consumption; define - definition; type - typically; possible - possibility; necessary - necessity; capable - capability; assume - assumption

Text A

The price elasticity of demand

Task 6

Date: 2015-12-11; view: 950