Text Comprehension

III. Answer these questions using the active vocabulary of the text.

1. What is a market?

2. What difference does the writer point to between a fruit stall and the London Stock Exchange?

3. Do different markets carry out different economic functions?

4. What do markets determine?

5. What makes sure that the quantity people want to buy is the same as the quantity people want to sell?

6. What influence does price have on society?

7. What are the essential features of a typical market?

8. What is demand?

9. What is supply?

10. What is the distinction between demand and the quantity demanded?

V. Read the text and find the synonyms of the following words.

§1 preparations, §2 mediators, §3 at the same time, §4 relations, §7 peculiarity,

§8 decrease

VI. Find the definitions of these words and phrases in the text.

1. a person who purchases goods

2. to offer (an amount) in attempting to buy something

3. the sum in money or goods for which anything is or may be bought or sold

5. the amount of a commodity that consumers are willing and able to purchase at a specified price

6. the amount of a commodity that producers are willing and able to offer for sale at a specified price

VII. Look for details in the text and choose the proper option.

1. A market is a set of arrangements by which buyers and sellers are in contact ………….

i. to see each other

ii. to fight with each other

iii. to exchange goods or services

2. Intermediaries (stockbrokers) who transact business …………….

i. on behalf of clients

ii. themselves

iii. on behalf of customers

Markets determine prices that ensure that the quantity people wish to buy

equals …….

i. the quantity people wish to sell

ii. the quantity people wish to negotiate

iii. the number people don’t wish to sell

4. Demand describes ……………. at every price.

i. the position of a product

ii. the behaviour of sellers

iii. the behaviour of buyers

5. Higher tickets prices will reduce ……………...

i. the quantity demanded

ii. the quantity supplied

iii. the quantity sold

VIII. Which of the three is the key message of the text?

a. Markets determine prices that ensure that the quantity people wish to buy equals the quantity people wish to sell.

b. The prices in the market guide society in choosing what, how, and for whom to purchase.

c. Demand describes the behaviour of buyers at every price. The term ‘quantity demanded’ makes sense only in relation to a particular price. A similar distinction applies to supply and quantity supplied.

Vocabulary Focus

Дата добавления: 2015-11-14