Task 2. Match each of the words or phrases on the left to an appropriate definition

Lee A. Iacocca of Chrysler Corporation

Lee A. Iacocca began his career in the (1) in 1946 with Ford Motor Company. Iacocca rose (2) to the top at Ford and became president in 1970; however, in 1978 he (3). Iacocca could have received up to $ 1.1 million in deferred bonuses from Ford if he had not gone to work for another automobile company. Instead, he (4) to be president at the almost bankrupt Chrysler Corporation. In 1978, when Chrysler was close to (5), Iacocca fac­ed the almost impossible challenge of making the company (6) again. He immediately responded to (7) by attempting to transform Chrysler into a marketing oriented firm. Chrysler was still a (8), and its rationale for existence was superior engineering. Former Chrysler president Townsend said it best, «What this company had in all of its products was more engineer­ing differences that any other products being offered to the American people». Iacocca decided to change his orientation by giving the American car-buying public what (9) instead of what Chrysler engineers (10). He began to give them smaller cars with fuel economy, good styling, (11), low cost maintenance, and lower prices. He also brought back the convertible, which was an instant success, and introduced a minivan geared toward today’s smaller families.

One (12) that Iacocca introduced at Chrysler was production of several cars from interchangeable parts. Iacocca took two successful K-cars-the Plymouth Reliant and the Dodge Aries — and created the Chrysler LeBaron, Dodge 400, Chrysler B class and Chrysler New Yorker. The cost of these (13) and other new product development ran about $ 6 to $ 7 billion between 1980 and 1985.

Iacocca also realized that Chrysler needed more than the consumer’s patronage to succeed, so he also developed (14) with other key public including the (15). He obtained major wage and (16) from the United Auto Workers, received $ 1,2 billion in guaranteed government loans, obtained discounts from

(17), and borrowed money from its (18). Under the direction of Iacocca, Chrysler succeeded not only in becoming (19), but also in (20) all of its government-guaranteed loans by early 1984.

1. Economics	a) the amount of a particular good or service that all consumers would purchase at different prices, at a given moment in time
2. economy	b) the process of using up of goods and services
3. macroeconomics	c) the study of how people use their limited resources to try to satisfy unlimited wants
4. microeconomics	d) a mechanism that allocates scare resources among competing users
5. economic growth	e) the amount of a particular good or service that producers are willing and able to offer for sale at a given price, at a given moment in time
6. inflation	f) the branch of economics that studies the economy as a whole
7. demand	g) the persistent expansion of a country’s production possibilities
8. supply	h) an upward movement in the average level of prices
9. consumption	i) the branch of economics that studies the behaviour of individuals in their role as consumers and/or producers

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