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COMPREHENSION QUESTIONS
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.
| 1. monopoly | a) to open a new store, start an Internet site, or start a new service |
| 2. to maximize | b) the building and land near it that a business owns or uses |
| 3. stock market | c) market situation where one company is the only supplier of a product or service |
| 4. to launch | d) exchanging goods for other things rather than for money |
| 5. barter | e) the conditions under which credit will be extended to a customer |
| 6. to justify | f) commerce that is transacted electronically, as over the Internet |
| 7. premises | g) a seller that offers the same or better goods and services as another and therefore competes for the same customers |
| 8. e-commerce | h) to increase, make as large as possible |
| 9. product rationing | i) a place where shares of corporations and other securities are bought and sold |
| 10. credit terms | j) the process which determines who will and will not purchase the product |
| 11. competitor | k) an older or used product which is being exchanged for a newer model |
| 12. trade-in | l) to prove or show that smth. is right or reasonable |
Ex.6. Match the words to make collocations and make your own sentences with them.
| 1. commodity | a) competition |
| 2. to justify | b) delivery |
| 3. pure | c) terms |
| 4. potential | d) exchange |
| 5. organized | e) buyer |
| 6. immediate | f) mechanism |
| 7. electronic | g) marketplaces |
| 8. credit | h) distribution |
| 9. product | i) expenditures |
| 10. market | j) markets |
| 11. income | k) economies |
| 12. developed | l) rationing |
Ex.7. Complete the following sentences with the given words and expressions. Translate them into your native tongue.
| spot | justify | public sector | electronic marketplace | guarantee |
| barter | buying price | produce | market price | premises |
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.
| 1. stock market | 5. real estate market | 9. spot market | 13. labour market |
| 2. black market | 6. traditional market | 10. e-market | 14. central market |
| 3. flea market | 7. organized market | 11. grocery market | 15. forward market |
| 4. home market | 8. goods market | 12. factor market | 16. single market |
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.
| 1. to bring ___contact ___ a buyer | 9. ___ immediate delivery |
| 2. ___ delivery ___some time ___ future | 10. ___ behalf ___ clients |
| 3. the items are sold ___ the Internet | 11. a set ___ forces ___ conditions |
| 4. e-marketplace ___ services ___ all sorts | 12. the supply available ___ sale |
| 5. to have an impact ___ market price | 13. to work ___ a price |
| 6. the laws ___ supply ___ demand | 14. no competitors ___ them |
| 7. to determine the price ___ a product | 15. ___ the business view |
| 8. to compete ___ the supply ___ a single product | 16. a market ___ commodities |
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.
| prices | ||||
| sharp | rise | taxes | ||
| sales | ||||
| a | in | demand | ||
| supply | ||||
| dramatic | fall | costs | ||
| profits |
Ex.13. Match the elements to get compound words.
| 1. moon | a) allowance |
| 2. market | b) road |
| 3. rail | c) lighter |
| 4. trade-in- | d) holder |
| 5. stock | e) commerce |
| 6. e- | f) place |
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.
| 1. pass | 3. port | 5. charged | 7. worked | 9. products |
| 2. line | 4. change | 6. laws | 8. going | 10. heads |
| 1. medium of ___ | 6. ___ negotiations |
| 2. milk ___ | 7. ___ of a corporation |
| 3. ___ world | 8. national ___ |
| 4. manufacturing ___ | 9. ___ executive |
| 5. an ___ price | 10. to ___ traditional markets |
Ex.16. Complete the following sentences with the correct form of the word in capitals. Translate them into your native tongue.
| 1. It is not surprising that a strong _____ for customers makes companies spend much money on production modernization. | COMPETE |
| 2. The government plays an important role in _____ resources in the economy. | ALLOCATE |
| 3. Some economists think that private enterprises are more _____ than the public sector. | PROFIT |
| 4. Prices are to regulate production and _____ in a market economy. | COMSUME |
| 5. If a company gives its _____ bonus shares they do not have to pay for them. | HOLD |
| 6. They have agreed to provide the services of a qualified _____ consultant to help them analyze their current investment. | FINANCE |
| 7. Allocation of _____ capital lets a high level of production be maintained with fewer workers. | ADD |
| 8. It’s our hope that we will play an _____ greater role in the market and, therefore, supply more jobs. | INCREASE |
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?
Date: 2015-01-02; view: 1596
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