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The Bank and the Money Supply 4




such as

as as

as as possible

not so as

as to

the same as

 

2. , :

1. At low prices the demanded quantity is higher.

2. Profits are the highest at the output level at which marginal cost is equal to the marginal revenue.

3. Mrs Burke was much younger and more good-looking than my mother.

4. We had the loveliest day. Father and the boys fished, the girls met quite a lot of people.

5. Mother said it had been the most wonderful day in her life.

6. William Shakespeare, the greatest and most famous of English writers, was born in Stratford-on-Avon.

7. Lawrence Washington, George's eldest brother, had married a Miss Fairfax, whose father lived in Virginia and was a relative of Lord Fairfax, a rich land owner of the colony.

8. A few years later the American colonies had a war with England.

9. The farther north we go, the hotter it gets. In bad times, and in the driest parts, many animals may die for want of water.

10. New York is the largest city in the United States and one of the largest cities in the world.

11. Wall Street in Manhattan is the most important banking centre in the world.

12. You can see the newest plays and shows on Broadway.

13. The oldest place-names in the United States are, of course, Indian.

14. One of the most striking features of English life is the self-discipline and courtesy of people of all classes.

15. "Yes, Mr. Weston" or "No, Mrs. Baker" is more common in a similar situation in the North or West.

16. I would say that London offers the widest range of ethnic cuisine in the world; some are better than others, and you can eat extremely well here.

17. Beethoven was opening up what he called a "new path", a more expressive and dramatic musical language, richer in emotion and deeper in thought than the other music of his time.

18. During the last period, Beethoven's break with the past was sharper than ever.

19. For each level of output, the marginal costs are lower as the input price decreases

 

III. - , . - , . to be + V3 (. ) , . , am/ is/ are + V3, am/ is/ are being + V3, have/ has been + V3, was/ were + V3, was/ were being + V3, had been + V3, shall/ will be + V3, shall/ will have been + V3. , to be, .

to buy:

Present Simple Passive am/ is/ are bought

Present Progressive Passive am/ is/ are being bought

Present Perfect Passive have/ has been bought

Past Simple Passive was/ were bought

Past Progressive Passive was/ were being bought

Past Perfect Passive had been bought

Future Simple Passive shall/ will be bought

Future Perfect Passive shall/ will have been bought

 

3. , , - :

1. Production and consumption are coordinated through prices.

2. Resource allocation decisions are being made every day in every city.

3. Goods are produced on farms or in factories. Goods of the both groups are consumed by the people who buy them.

4. Much coffee was bought by the Brazilian government from farmers for export.

5. The ideas of Adam Smith have been studied by economists for over two hundred years.

6. A high level of production will be achieved if we allocate enough resources to agriculture.

7. The ideas of Karl Marx had been studied and discussed by economists for over sixty years before Russians put them in practice.

8. Goods and services for the army will have been ordered by the government by the end of the year.

9. The prices and levels of consumption of different goods and services were being monitored by the economists for several years.

10. Economic activity is regulated by the government through restrictions and regulations.

  1. The increase in the number of people in the world is followed at present by an increase in per capita consumption.

12. A government planning office decides what will be produced, how it will be produced, and for whom it will be produced.

4.

 

I. Demand and Supply.

II. My Family and Me.

 

I. , , :

 

Demand and Supply

Demand is the quantity of a good that buyers wish to buy at each price1. Other things equal, at low prices the demanded quantity is higher.

Supply is the quantity of a good that sellers wish to sell at each price. Other things equal, when prices are high, the supplied quantity is high as well.

The market is in equilibrium when the price regulates the quantity supplied by producers and the quantity demanded by consumers. When prices are not so high as the equilibrium price, there is excess demand (shortage) raising the price. At prices above the equilibrium price, there is excess supply (surplus) reducing the price.

There are some factors influencing demand for a good, such as the prices of other goods, consumer incomes and some others.

An increase in the price of a substitute good (or a decrease in the price of a complement good) will at the same time raise the demanded quantity.

As consumer income is increased, demand for a normal good will also increase but demand for an inferior good will decrease. A normal good is a good for which demand increases when incomes rise. An inferior good is a good for which demand falls when incomes rise.

As to supply, some factors are assumed as constant. Among them are technology, the input price, as well as degree of government regulation. An improvement in technology is as important for increasing the supplied quantity of a good as a reduction in input prices.

Government regulates demand and supply, imposing ceiling prices (maximum prices) and floor prices (minimum prices) and adding its own demand to the demand of the private sector.

II. ( , ).

5.

I. . , .

II. . , .

III. Economic Systems.

 

I. :

1) , ;

2) , .. , ;

3) (, , );

4) to;

5) 3- , Present Simple -(e)s;

6) .

 

. can : 1) : He can read English. -. Can you swim? ? She cannot walk quickly, she is too young. , . 2) : The factory can produce 200 fridges this year. 200 .

can could: I could speak Chinese when I was a child and lived with my parents in China. -, , . can be able to : She will be able to pass the exam in two days. .

may : 1) : May I come in? ? You may use my text-book. . 2) : He may come. , .

may might: She might translate the text yesterday using my text-book and dictionary. , . may be allowed to : They wont be allowed to enter the restaurant as they are not properly dressed. , .

must , : 1) , : I must help my friends. . 2) , : You must do exercise 27 at home. 27 .

have to , .. , , (, , ); to; 3- , Present Simple have to - s; .

have to , : - . I have to go to that conference: everybody else is ill, so I will be the only representative of our project. , , .

be to , , . I am to meet Mrs. Burke at the station. . The factory is to produce 200 fridges this year. 200 .

should , , : You should go and see this movie. .

ought to : 1) , , : Children must help their parents. . 2) , : You have a toothache, you ought to go to the dentist. , .

need : We need to buy extra food as we have more guests coming. , .

 

1. , :

 

  1. Government regulations should be in the interests of society.
  2. The buyers have to reconcile what they want to do and what the market will allow them to do.
  3. We ought to answer the question what should be done now to prepare managers on whom we'll be able to rely in the year 2010.
  4. A foreign company in Great Britain must give certain information about itself to the government offices. It must also write its name and country of registration on all its documents.
  5. The consumer has to solve the problem of choice.
  6. The producer should make a decision how to reduce inputs.
  7. Not all partners in a firm must take an active part in management.
  8. He ought to take a more active part in decision making on the exports strategy of the company.
  9. The consumer is to maintain a given level of utility.
  10. OPEC (Organization of Petroleum Exporting Countries) member countries are to sell oil at the agreed price.
  11. Governments, through their control of the quantity of money in the economy, can influence business activity.
  12. As the price of one good rises, the consumer has to buy another good, whose price has not risen.
  13. The limited supply of energy in some sectors of the US economy is to lead to changes in the economic situation as a whole.
  14. Making a decision, the economist should rely on all the information that he can find.
  15. You ought to have the firm re-registered as soon as possible or you may have trouble.
  16. If the consumer wants to maintain a constant maximum utility and at the same time obtain more of a good, he should decide the consumption of which other good has to be reduced.
  17. Budget constraint means that your expenditures for all the goods consumed must be equal to your income.
  18. Opportunity costs should be counted for labour and financial capital used.
  19. As to price ceilings, without government regulation and organization they may lead to "black market" as well as other social and economic problems.
  20. Complement goods are those goods which you cannot use one without the other, such as cars and petrol. As the price for petrol rises, the demand for cars reduces.
  21. Only when demand equals supply, people can buy or sell as much as they want.

 

II. 3. , : 1/ 4 one-fourth. 1, : 2/ 3 two-thirds. , point: 1.53 one point fifty three. 2000 , : 1872 eighteen seventy-two. 2000 : 2009 two thousand nine.

 

2. , :

  1. My birthday is on the 23 of April.
  2. In the early 1950s people ate less than in 1970s.
  3. The meeting took place on 17 of June, 1987.
  4. The 3.8 billion people lived in the world in the early 1970s.
  5. We shall celebrate our anniversary on the 1 of December.
  6. The production of the shoe factory increased by 1.7%.
  7. This year the quantity of the computers sold decreased by 2/ 5.
  8. We should prepare managers now on whom we shall be able to rely in 2010.

 

III. Market and Command Economies Economic Systems, , .

 

:

 

Economics is a science that analyzes what, how and for whom society produces. The central economic problem is to reconcile peoples unlimited demands with societys ability to produce goods and services. Market is the process by which production and consumption are coordinated through prices.

In a command economy government planning office makes decisions on what, how and for whom to produce. Resources are allocated by central government planning. Free market economies have no government intervention. Resources are allocated entirely through markets. Mixed economies rely mainly on market but with a large doze of government regulation.

 

6.

I. Theory of Demand.

II. Theory of Demand.

III. . .

IV. Economic Systems.

 

I. , :

Theory of Demand

Consumer demand is the quantities of a particular good that an individual consumer wants and is able to buy as the price varies, if all other factors influencing demand are constant.

That is, consumer demand is the relationship between the quantity demanded for the good and its price. The factors assumed constant are prices of other goods, income, and a number of noneconomic factors, such as social, physiological, demographic characteristics of the consumer in question ( ).

The theory of demand is based on the assumption that the consumer having budget constraint seeks to reach the maximum possible level of utility, that is, to maximize utility, but he usually prefers to obtain more rather than less. The consumer has to solve the problem of choice. Provided he is to maintain a given level of utility, increases in the quantity of one good must be followed by reductions in the quantity of the other good. The consumer has to choose the specific goods within the limits imposed by his budget.

The concept of marginal utility is of great importance for solving the utility maximization problem. The marginal utility of a good is the additional utility obtained from consuming an additional unit of the good in question. The marginal utility from consuming a good decreases as more of that good is consumed. The income should be allocated among all possible choices so that the marginal utility per dollar of expenditure on each good is equal to the marginal utility per dollar of expenditure on every other good.

A price increase will result in a reduction in the quantity demanded. This relationship between the quantity demanded of a good and its price is called the law of demand. As the marginal utility from each additional unit of the good consumed decreases, the consumer will want to buy more of this good only if its price is reduced.

Market demand is the quantities of a good that all consumers in a particular market want and are able to buy as price varies and as all other factors are assumed constant. Market demand depends not only on the factors affecting individual demands, but also on the number of consumers in the market. The law of demand also works with market demand.

II. Demand and Supply Theory of Demand, .

 

:

Consumer demand is the quantity of a particular good that an individual consumer wants and is able to buy as the price varies. Factors influencing demand for a good are the prices of other goods, consumer income and a number of non-economic factors, such as social, physiological, demographic characteristics of the consumer in question.

The theory of demand is based on the assumption that the consumer having budget constraints seeks to reach the maximum possible level of utility. The consumer has to choose the specific goods within the limits imposed by his budget.

A price increase will result in a reduction in the quantity demanded. At low prices the demanded quantity is higher. This relationship between the quantity demanded of a good and its price is called the law of demand.

Market demand is the quantity of a good that all consumers in a particular market want and are able to buy as the price varies. Market demand depends on the number of consumers in the market as well as on all factors influencing individual demand.

 

III. , . who, which, that (), when (). . , : ( ) , :

I dont want to buy the car you have chosen. , .

 

1. , :

  1. Money can be used to buy things we wish to consume.
  2. We must know the prices at the moment we need money for making expenditures.
  3. The output of an agricultural commodity this year depends on decisions the farmer made last year.
  4. A government can restrict the choice a consumer makes.
  5. The European economy of the 2020s will be very different from that of the Europe we have known for the last decades.
  6. Higher incomes have much more influence on the way people eat (more meat, less bread) than on the amount they eat.
  7. Real income is the amount of the goods and services a consumer can buy with his money income.
  8. A consumer is a person who consumes the products and services he buys.
  9. The price at the time the good is ready for marketing may be different from the price at the time the decision to produce it was made.
  10. The amount of output firms want to offer depends on costs and revenues.
  11. Firms' decisions about how much to produce depend on the costs of production and on the revenues they receive from selling the output.
  12. The amount of output firms want to offer depends on costs and revenues.

IV. .

 

 

  1. to be.
  2. .
  3. .
  4. .
  5. .
  6. .
  7. .
  8. .
  9. .
  10. . , .
  11. , .

 

1

10 . . :

1. , :

2. , to be. , .

3. , . .

4. , . , .

5. , I II. , .

6. , , .

7. .

1

 

I was born at Number Nineteen, Turnmill Street, London. My mother died when I was five years old. She died fifteen minutes after my sister Polly was born. As my father worked from morning till night, he had no time to look after Polly and me, so he married again soon. He married Mrs Burke, who was much younger and more good-looking than my mother. But I did not like my stepmother and she did not like me. So we began to hate each other; but she did not show her hatred when my father was at home. She beat me very often and she made me work very hard. From morning till night she found work for me to do. I looked after the baby. When she was awake, I took her for a walk, carrying her in my arms, and she was very heavy. I cleaned the rooms, went shopping, etc. There was always work for me to do.

One day a woman came to see my stepmother and they drank a lot of gin. All the money that my father had left for our dinner was spent. When the woman went home, my stepmother said to me in tears, "Oh, what shall I do, Jimmy, dear, what shall I do? Your father will come home soon, and there is no dinner for him. He will beat me cruelly! What shall I do, what shall I do?" I was sorry for her, she had tears in her eyes, and she called me "Jimmy, dear" for the first time. I asked her if I could help her and she said at once, "Oh, yes, you can help me! When your father comes home in the evening, Jimmy, dear, tell him that you lost the money he left for our dinner." "How could I lose it?" I asked in surprise. "You can tell him that I sent you to buy some food. Suddenly a big boy ran against you and the money fell out of your hand and you could not find it. That will be very easy to say, Jimmy, dear, please, say it to your father!" "But he'll give me a good beating for it!" "Oh, no, he won't! I shall not let him beat you, you may be sure! Here is a penny for you, go and buy some sweets with it!"

So I went off and spent my penny on sweets. When I came back and opened the door, my father was at home waiting for me with his waist-belt in his hand. I wanted to run out of the room, but he caught me by the ear. "Stop a minute, young man!" he said. "What have you done with the money?" "I lost it, Father," said I in fear and looked at my stepmother. "Oh, you lost it! Where did you lose it?" "In the street, Father. Ask Mrs. Burke, she knows!" I told him what my stepmother had asked me to tell him. I was not much surprised that he did not believe my story. But my stepmother's words surprised me very much. "Yes, he told me the same thing," she said, "but he is a liar! He has spent your money on sweets. I can't beat him, he is your child, but you can give him a good beating!" And she stood by while my father beat me with his belt till the blood showed. I hated my stepmother so much now that I wanted to see her dead.

 

2

 

Of all the different ideas that have been started lately, I think that the very best is the notion of celebrating once a year "Mother's Day". We decided to have a special celebration of Mother's Day. We thought it a fine idea. It made us realize how much Mother had done for us for years, and all the efforts and sacrifices that she had made for our sake.





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