Ex.5. Match up the terms on the left with the definitions on the right

Ex.3. Give three forms of the following verbs. Find the sentences with these verbs in the text.

Ex.2. Give Ukrainian equivalents for the following phrases.

Ex.1. Find the English equivalents in the text.

VOCABULARY FOCUS

Споживати товари та послуги; традиційна економіка; за умови конкуренції; ринок визначає ціну продукту; насправді куплений чи проданий; не досить лише просто хотіти чи бажати предмет; домашнє господарство; преференції споживача; пересічний громадянин; мати значний вплив на ринок; суть ринкової економіки; справжній попит; відображення попиту та пропозиції; розподіл ресурсів; альтернативнівитрати; бути проданим за певною ціною;ринкова рівновага; наявність замінників; предмет необхідності для споживачів.

To have the power to influence or set price; the operation of supply and demand; the amount of goods and services; to show the ability to pay; consumer preferences; to weigh heavily; to maximize utility; to end up with the best combination; at the other side of; the smallest unit of supply; to make selling decisions; the amount available for sale; the amount purchasers are willing to buy; one of the most fundamental concepts; to be a reflection of; in the most efficient way possible; to show an upward slope; two opposing forces shape the market; fluid equilibrium in a standard market; to be at equilibrium; the percentage change; to vary among products; to be elastic due to availability of substitutes.

Have, let, mean, buy, pay, show, sell, know, underlie, go, forgo, meet, give, get, understand, become.

Ex.4. Make up noun+noun or adjective+noun collocations (there may be several variants).You can add other word collocations. Give examples either from the text or of your own.

Economic, conventional, decision-making, consumer, demand, market, supply, opportunity, upward, percentage, quantity

Choices, preference, economics, unit, economy, cost, slope, change, relationship, units, demanded.

Model: economic choices

e.g. All societies necessarily make economic choices.

1.	demand	a	is the relationship between price and quantity demanded
2.	supply	b	states that the higher the price, the higher the quantity supplied
3.	demand relationship	c	is the amount available for sale or the amount that sellers are willing to sell at a specified price
4.	supply relationship	d	is the correlation between price and how much of a good or service is supplied to the market
5.	utility	e	is response of supply and demand to various factors
6.	the Law of Demand	f	is one in which changes in price witness only modest changes in the quantity demanded or supplied
7.	the Law of Supply	g	is some sort of compromise on the price and quantity of goods sold: the market price is the price at which buyers are willing to buy the same number of goods that sellers are willing to sell
8.	elasticity	h	is when all buyers will try to make themselves as happy as possible, by spending what money they have in the best way possible
9.	inelastic good or service	i	refers to the buying behaviour of a household
10.	market equilibrium	j	states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good

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