III. Vocabulary Reinforcement

A. Vocabulary

Match these words with their definitions.

assets, n	real money spent for production of a good or a service
curve, n	a number of smth
equilibrium, n	worthiness
facilitate, v	make smth smaller in size or number
stock, n	to do smth at the biggest rate
balance, n	the entire property belonging to a person, a corporation, or an estate
value, n	the trace of a point whose direction of motion changes
cost, n	a stable situation in which forces cancel one another, equality of distribution
quantity, n	money at which a product is sold
reduce, v	a supply of something available for future use
maximize, v	an amount on the credit side of an account; harmonious arrangement of elements
price, n	make easier

B. Word Families

Complete the chart.

Verb	Adjective	Noun
cost
		balance
price
	decreased
increase
minimize
		maximum
		reduction
		rise

C. Word Groups

1. Match the words having similar meanings.

fall	price
raise	equilibrium
cost	decrease
balance	property
value	increase
assets	worthiness

2. Match the words having opposite meanings.

fall	decrease
maximize	worthless
increase	minimize
valuable	demand
supply	consumer
supplier	rise

4. Word Fields

Which of the phrases below are associated with the following: 1) the increased demand, 2) an equilibrium market position?

The prices rise, production decreases, buyers pay more, more competitors appear on the market, the quantity of the goods rises, the quality of the goods rises, sales increase, imbalance, production exceeds sales, harmony of supply and demand, sales exceed production, consumers look for other suppliers, prices correspond to the quality and quantity of the product.

E. Word Usage

1. Complete: use an appropriate preposition where necessary.

along, at, on, in(2), for,

1. Not everyone can afford to buy a plasma TV-set … such a high price.

2. Economic papers report the market to have been travelling … the curve for 3 months without any results.

3. To predict a sudden increase … production is easy, it's much more difficult to achieve it.

4. No one is going to buy clothes produced by this company; they are out of fashion and not … demand any more.

5. It is unreasonable of you to reduce sales! There is a great demand … your product … the market.

2. Linking: match the first half of each sentence with the most appropriate second half.

1.If we raised the prices on their product all of a sudden, …	they are limited by the law of demand.
2. As production (supply) of tractors increases, …	they would understand why governments and heads of producing companies in the world sometimes take unpopular measures.
3. Even if the producers have no competitors, …	the market would be overstocked with our product.
4. If ordinary people were aware of the principle of equilibrium in economy, …	d) they would cause a jump from one equilibrium position to another at once.
5. Textile-producing companies would not benefit much raising the price as …	e) the company has to buy progressively more expensive materials or labour to keep the demand.