Text Comprehension

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

1. What example is given of a market where sellers and buyers actually meet?

2. How are households' decisions on what to buy reconciled?

3. Why do prices adjust?

4. What problems do markets and prices solve for society?

6. Why don’t café owners have to pay high wages?

7. What makes society put resources into hamburger production?

8. What would consumers do if hamburger prices rose?

9. How many markets does the writer say you are involved in if you buy a hamburger?

10. Does the writer give an exact description of a market?

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

§2 domestic; use §3 work §5 offer; temporary; senior managers §6 shortage

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

a) expenditure on goods and services for final personal use

b) the social science concerned with the production and consumption of goods and services and the analysis of the commercial activities of a society

c) inadequate supply

d) payment in return for work or services, esp. that made to workmen on a daily, hourly, weekly, or piece-work basis

e) a system of dividing overhead expenses between the various departments of a business

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

1. A market is the process by which households' decisions about consumption of alternative goods, forms decisions about …………..

i. how much and for whom to work

ii. what and how to produce

iii. for whom to produce

2. The low hamburger price was a good way to satisfy your appetite………..

i. because of your desire to eat

ii. because of your limited resources

iii. because of your desire to eat, and your limited resources

3. You and the café owner were part of ………….

i. the market for lunches

ii. the market for studying

iii. the market for launching a new product

4. Much of economics devoted to the study of how markets and prices enable society to solve the problems ……………………...

i. of what, how and for whom to produce

ii. of what products to produce

iii. of manufactures, owners and consumers

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

a) How markets and prices enable society to solve the problems of what, how and for whom to produce.

b) How owners and consumers enable society to solve the problems of what, how and for whom to produce.

c) Prices of goods such as labor, machinery and land, adjust these goods and services to ensure society’s demands.

Vocabulary Focus

IX. Fill in the table with the missing derivatives from the text.

Nouns	Verbs	Adjectives
	consume
		luxurious
	allocate
	adjust
stock

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