1. Match the words and their definitions
| 1. infrastructure | a. a public meeting where things are sold to the person who offers the most money for them |
| 2. competition | b. a group of shops together in one area, often in one large building |
| 3. auction | c. a situation in which organizations try to be more successful than other organizations |
| 4.shopping center | d. the business of buying and selling stocks and shares |
| 5. stock market | e. the basic systems and structures that a country or organization needs in order to work properly, for example roads, railways, banks etc. |
2. Complete the sentences with the following words:
prices, products, services, wages, consumers, employers, profits
1. Workers are paid ____ by ____ according to how skilled they are.
2. They spend their ____ on the ____ and ____ they need.
3. Firms producing these ____ will make more ____.
4. In a market economy ____ decide what is to be produced.
5. ____ will be willing to pay high ____ for products they particularly desire.
3. Choose the right variants:
1. Market economics is also called:
a) command;
b)private;
c) mixed.
2. Mixed economics contains:
a) market economics only;
b) planned economics only;
c) both market and planned economics.
3. ____ does not allow people to make decisions in business.
a) free market;
b) command economy;
c) mixed economy.
4. All economics in the world are:
a) planned;
b) mixed;
c) market.
5. In a mixed economy the government:
a) refuse private sectors;
b) cooperate with private sectors;
c) control private sectors.
4. Read and translate the text
Market
A market is any one of a variety of systems, institutions, procedures, social relations and infrastructures whereby businesses sell their goods, services and labour to people in exchange for money. Goods and services are sold using a legal tender such as fiat money. This activity forms part of the economy. It is an arrangement that allows buyers and sellers to exchange items. Competition is essential in markets, and separates market from trade. Two persons may trade, but it takes at least three persons to have a market, so that there is competition on at least one of its two sides. Markets vary in size, range, geographic scale, location, types and variety of human communities, as well as the types of goods and services traded. Some examples include local farmers' markets held in town squares or parking lots, shopping centers and shopping malls, international currency and commodity markets, legally created markets such as for pollution permits, and illegal markets such as the market for illicit drugs.
In mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services for money is a transaction. Market participants consist of all the buyers and sellers of a good who influence its price. This influence is a major study of economics and has given rise to several theories and models concerning the basic market forces of supply and demand. There are two roles in markets, buyers and sellers. The market facilitates trade and enables the distribution and allocation of resources in a society. Markets allow any tradable item to be evaluated and priced. A market emerges more or less spontaneously or is constructed deliberately by human interaction in order to enable the exchange of rights of services and goods.
Historically, markets originated in physical marketplaces which would often develop into – or from – small communities, towns and cities.
A market can be organized as an auction, as a private electronic market, as a commodity wholesale market, as a shopping center, as a complex institution such as a stock market, and as an informal discussion between two individuals.
Markets of varying types can spontaneously arise whenever a party has interest in a good or service that some other party can provide. Hence there can be a market for cigarettes in correctional facilities, another for chewing gum in a playground, and yet another for contracts for the future delivery of a commodity. There can be black markets, where a good is exchanged illegally and virtual markets, such as eBay, in which buyers and sellers do not physically interact during negotiation. There can also be markets for goods under a command economy despite pressure to repress them.
5. Translate the following words and word combinations into English
1. распределение ресурсов 6. фондовая биржа
2. бумажные деньги 7. участники рынка
3. рынок товаров 8. спрос и предложение
4. оптовый рынок товаров 9. повышать торговлю
5. черный рынок 10. виртуальный рынок
6. Translate the following words and word combinations into Russian
1. command economy 6. tradable item
2. illegal market 7. shopping mall
3. allocation of resources 8. labour
4. buyers and sellers 9. legal tender
5. evaluate 10. delivery of a commodity
7. Choose the right variant
1. ……….. is any one of a variety of systems, institutions, procedures, social relations and infrastructures.
a) tender b) delivery c) market
2. Markets where a good is exchanged illegally is called ………..
a) black markets b) shopping malls c) virtual markets
3. eBay is an example of ………….
a) black market b) commodity market c) virtual market
4. A group of shops together in one area is called …………..
a) commodity market b) illegal market c) shoptoping center
5. A market is any structure that allows buyers and sellers ……….. any type of goods or services.
a) sell b) buy c) exchange
8. Answer the questions
1. What is a market?
2. What is a black market?
3. What is a virtual market?
4. What is needed for a market to function?
5. What is the role of market participants?
9. Express your opinion on the following questions using the following phrases:
To my mind … In my experience …
In my opinion … As far as I understand …
On the one hand, …on the other hand From my point of view …
If my memory serves me right … If I am not mistaken …
It seems to me that … Personally, I think …
My personal view is that … I am sure/certain/…
The fact is that … This proves that …
It is obvious that … There is no doubt that …
1. What is e-market? What do people usually sell/buy on e-markets?
2. Have you ever bought/sold anything on the Internet? What was it?
3. Are e-markets and e-commerce convenient? Why? Why not?
10. Read the model letter and the notes
|
26th November 2000 The Sales Manager, Spenlow&Jorkens Ltd., 10-14 Pegotty Street
Dear Sir, Further to our letter of 14th November, we write to advise you of the results of the market research. The findings of the report, a copy of which we enclose herewith, are favourable and clearly indicate that there is a market here for your produce. It will, however, take a little time to introduce your goods to the market. If you are prepared to accept recommendations in the report, we are willing to begin negotiations with a view to rendering your assistance in the above. Your cooperation here will be much appreciated. As to your request of 10th November, in which you ask for more favourable terms, we regret, therefore, that at present we are unable to offer more than the terms agreed last year. Apart from the fact, we are, nevertheless, willing to consider your case in the future, provided that you are prepared to order a little more. We trust that our proposals will be acknowledged with a substantial order. Yours faithfully, R.Folkner Executive Director |
Notes –
a) ‘Further to our letter’ – a frequent opening to refer to a previous letter.
b) Placing ‘However’ at the head of the sentence we achieve more emphasis. Compare: ‘However, it will take a little time...’ ‘It will, however, take a little time...’
c) ‘Nevertherless’ – a more emphatic form of ‘however’.
d) ‘With a view to’ means ‘with the intention of’, which shows the intention of the writer.
e) ‘Your cooperation will be much appreciated’. A commonly used phrase to invite cooperation. Note that when ‘cooperation’ is followed by the preposition ‘in’ it calls for the use of the gerund. ‘Your cooperation in resolving the outstanding issues would be much appreciated’.
f) The construction ‘apart from the fact’ is very useful for emphasizing two points the writer wishes to make. ‘Apart from the fact that we haven‘t got your confirmation yet, we are prepared to …‘
g) ‘provided that’ - ‘on condition that’. Note that both are much stronger than if’.
11. Compose letters out of the following:
1) Further/ letter .. we/ write/ advise/ results/ meeting/ partners. The conclusions/ reach/ enclosed/ report/ indicate/ not all problems/ resolved. It/ however/ require/ more efforts/ settle/ remaining issues. If/ you/ prepared/ revise/certain items/ we/ willing/ resume the talks/ with a view/ reach/ consensus. Your/ prompt/ reply/ appreciate. As to/ request/ establish/ contacts with Brown & Co/ we/ regret/ therefore/ that/ at present/ it im-possible/ since/ the company/ undergo/ radical restructing. Nevertheless/ we / willing/ assist/ you/ arranging/ contracts/ provided/ you/ prepared/ wait/ little longer. We/ trust/ delay/ cause/ inconvenience;
2) Further/ letter ... we/ write/ advise/ decisions/ taken/ last meet-. ing. The general opinion/ in favour/ opening/ our branch/ London. It/ be/ a few months/ however/ before/ it/ be operative. If/ therefore/ you/ prepared/ accept/ our representation/ on/ a temporary basis/ we/ willing/ do our best/ represent/ interests/ with a view/ expanding/ your clientele. We/ look forward/ receiving/ your comments/ above proposal;
3) ...letter../write... result/ exhibition/ held/ these/ two weeks. Most contracts/ comments/ which/ we/ enclose/ herewith/ signify/ recognition of your product. It take/ a longer time/ however/ meet the demand/ since/ market/ vast and fluctuating. Nevertheless, if/ you/ prepared/ accept/ our recommendation/ we/ willing/ continue/ studying the market/ and/ supplying/ data on the conditions and trends. We look...