Ýêîíîìèêî-ïðàâîâàÿ áèáëèîòåêà
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Ýêîíîìèêî-ïðàâîâàÿ áèáëèîòåêà |
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| Ó÷åáíèêîâ â áèáëèîòåêå - 334 Èùèòå æå ïðåæäå Öàðñòâà Áîæèÿ è ïðàâäû Åãî, è ýòî âñå ïðèëîæèòñÿ âàì. (Ìàòô.6:33) | |
The
term “market”, as used by economists, is an extension of the ancient idea of a
market as a place where people gather to buy and sell goods. In former days part of
a town was kept as the market or marketplace, and people would travel many
kilometres on special market-days in order to buy and sell various commodities.
Today, however, markets such as the world sugar market, the gold market and the
cotton market do not need to have any fixed geographical location. Such a market is
simply a set of conditions permitting buyers and sellers to work together.
In
a free market, competition takes place among sellers of the same commodity, and
among those who wish to buy that commodity. Such competition influences the prices
prevailing in the market. Prices inevitably fluctuate, and such fluctuations are
also affected by current supply and demand.
Whenever
people who are willing to sell a commodity contact people who are willing to buy it, a market for that commodity is created.
Buyers and sellers may meet in person, or they may communicate in some other
way: by telephone or through their agents. In a perfect market, communications are
easy, buyers and sellers are numerous and competition is completely free. In a
perfect market there can be only one price for any given commodity: the lowest price
which sellers will accept and the highest which consumers will pay. There are,
however, no really perfect markets, and each commodity market is subject to special
conditions. It can be said, however, that the price ruling in a market indicates the
point where supply and demand meet.
extension – ïîøèðåííÿ, ïðîäîâæåííÿ
ancient – äàâí³é, äðåâí³é
various commodities – ð³çíîìàí³òí³ òîâàðè
fixed geographical location –
ô³êñîâàíå ãåîãðàô³÷íå ðîçì³ùåííÿ
a set of conditions – íàá³ð óìîâ
to permit – äîçâîëÿòè
to prevail – ïåðåâàæàòè
inevitably – íåìèíó÷å
in person – îñîáèñòî
a perfect market – äîñêîíàëèé ðèíîê
1.
The term “market is an
… .
2.
Markets such as the world
sugar market the gold market and the cotton market do not … .
3.
In a free market
competition takes place … .
4.
Buyers and sellers may
meet … .
5.
In a perfect market there
can be only … .
6.
The price ruling in a
market indicates … .
1.
The term market is an
extension of the ancient idea of a place where people gather to buy and sell goods.
2.
Today the world sugar
market has a fixed geographical location.
3.
In a free market
competition takes place among sellers of the same community.
4.
Buyers and sellers can
communicate only by telephone.
5.
In a perfect market
competition is completely free.
6.
There are no really
perfect markets.
7.
The price ruling in a
market indicates the point where supply and demand meet.
1.
What does the term
“market” mean?
2.
How can you define the
present world sugar market the gold market and the cotton market?
3.
In what market does
competition influence the prices?
4.
When is a market created?
5.
In what way can buyers and
sellers communicate?
6.
How can you define a
perfect market?
7.
What does the price ruling
in a market indicate?
Although in a perfect market competition is unrestricted and sellers are numerous, free competition and large numbers of sellers are not always available in the real world. In some markets there may only be one seller or a very limited number of sellers. Such a situation is called a “monopoly”, and may arise from a variety of different causes. It is possible to distinguish in practice four kinds of monopoly.
State
planning and central control of the economy often mean that a state government has
the monopoly of important goods and services.
Some countries have state monopolies in basic commodities
like steel and transport, while other countries have monopolies in such
comparatively unimportant commodities as matches. Most national authorities
monopolise the postal services within their borders.
A
different kind of monopoly arises when a country, through geographical and geological circumstances, has control over major natural
resources or important services, as for example with Canadian nickel and the
Egyptian ownership of the Sues Canal. Such monopolies can be called natural
monopolies.
They
are very different from legal monopolies, where the law of a country permits certain producers, authors and inventors a full monopoly
over the sale of their own products.
These
three types of monopoly are distinct from the sole trading opportunities which take place because certain companies have obtained
complete control over particular commodities. This action is often called
“cornering the market” and is illegal in many countries. In the USA anti-trust
laws operate to restrict such activities, while in Britain the Monopolies Commission
examines all special arrangements and mergers
which might lead to undesirable monopolies.
unrestricted – íåîáìåæåíèé
cause – ïðè÷èíà (ñïðè÷èíÿòè)
steel – ñòàëü (ìåòàë)
matches – ñ³ðíèêè
national authorities – äåðæàâí³ îðãàíè âëàäè
within their borders – ó ìåæàõ ñâî¿õ êîðäîí³â
geographical and geological circumstances – ãåîãðàô³÷í³ òà ãåîëîã³÷í³ îáñòàâèíè
to corner – ñêóïîâóâàòè òîâàð ç³ ñïåêóëÿòèâíîþ ìåòîþ
market corner – ðèíêîâèé êîðíåð
special arrangements and mergers – îñîáëèâ³ îá’ºäíàííÿ.
1.
A situation when there may
only be one seller or a very limited number of sellers is called … .
2.
It is possible to
distinguish in practice … .
3.
State planning and central
control of the economy mean … .
4.
Most national authorities
monopolise … .
5.
A geographical or
geological monopoly arises when a … .
6.
Three types of monopoly
are distinct from … .
7.
Cornering the market is
… .
1. Free competition and large numbers of sellers are always available in the real world.
2.
A «monopoly» is when
there is only one seller or a very limited number of sellers.
3.
It is possible to
distinguish two kinds of monopoly.
4.
State planning means that
a state government has the monopoly of important goods and services.
5.
Natural monopoly arises
when a country, through geographical and geological circumstances has control over
major natural resources or important services.
6.
Obtaining complete control
over particular commodities by certain companies is called «cornering the market».
7.
«Cornering the market»
is illegal in many countries.
1.
What are not always
available in the real world?
2.
What is a monopoly?
3.
What are the first three
kinds of monopoly?
4.
What examples of important
state monopolies are given?
5.
What are Canadian nickel
and the Suez Canal examples of?
6.
What are certain inventors
permitted by law to have?
7.
What happens when certain
companies obtain complete control over particular commodities?
8.
What do the Americans call
their anti-monopoly laws?
9.
What does Britain use to
restrict special arrangements.
Elasticity
of supply, as a response to changes in price, is related to demand. Economists
define “demand” as a consumer’s desire or want, together with his willingness
to pay for what he wants. We can say that demand is indicated by our willingness to
offer money for particular goods or services. Money has no value in itself, but
serves as a means of exchange between commodities, which do have a value to us.
People
very seldom have everything they want. Usually we have to decide carefully how we
spend out income. When we exercise our choice, we do so according to our personal
scale of preferences. In this scale of preferences essential commodities come first
(food, clothing, shelter, medical expenses etc.), then the kind of luxuries which
help us to be comfortable (telephone, special furniture, insurance
etc.), and finally those non-essentials which give us personal pleasure (holidays,
parties, visits to theatres or concerts, chocolates etc.). They may all seem
important but their true importance can be measured by deciding which we are
prepared to live without. Our decisions indicate our scale of preferences and
therefore our priorities.
Elasticity
of demand is a measure of the change in the quantity of a good, in response to
demand. The change in demand results from a change in price. Demand is inelastic
when a good is regarded as a basic necessity, but particularly elastic for non-essential
commodities. Accordingly, we buy basic necessities even if the prices rise steeply,
but we buy other things only when they are relatively cheap.
elasticity – åëàñòè÷í³ñòü
to be related to – ñòîñóâàòèñü
willingness – ãîòîâí³ñòü
a means of exchange – çàñ³á îáì³íó
to spend out income –âèòðà÷àòè äîõîä
to exercise one’s choice – çä³éñíþâàòè âèá³ð
scale of preferences – øêàëà ïåðåâàã
personal pleasure – îñîáèñòà íàñîëîäà
priority – ïð³îðèòåò
in response to – ó â³äïîâ³äü íà
to regard – ââàæàòè
accordingly – òàêèì ÷èíîì
to rise steeply – êðóòî çðîñòàòè
relatively
cheap – â³äíîñíî äåøåâ³
.
1.
Economists define
“demand” as a … .
2.
Money has no value in
itself, but … .
3.
We spend out income
according to our … .
4.
Elasticity of demand is
… .
5.
Demand is inelastic when
… .
6.
We buy basic necessities
even if … .
1.
What is elasticity of
supply response to?
What
is the definition of demand?
How
is demand indicated?
What
is money?
What
do we do when we exercise our choice?
What
comes second in our scale of preferences?
What
is our third priority?
What
is elasticity of demand?
When
is demand inelastic?
1.
When people offer money
for particular goods, they indicate that a demand exists.
2.
Money is usually valuable
in itself.
3.
People do not usually have
everything they want.
4.
Basic needs come before
luxuries.
5.
Our decisions on how to
use our money show what we need most and what we are willing to do without.
6.
Demand for essential
commodities is always elastic.
In
most economic systems, the prices of the majority of goods and services do not
change over short periods of time. In some systems it is of course possible for an
individual to bargain over prices, because they are not fixed in advance. In general
terms, however, the individual cannot change the prices of the commodities he wants.
When planning his expenditure, he must therefore accept these fixed prices. He must
also pay the same fixed price no matter how many units he buys. A consumer will go
on buying bananas for as long as he continues to be satisfied. If he buys more, he
shows that his satisfaction is still greater than his dislike of losing money. With
each successive purchase, however, his satisfaction compensates less for the loss of
money.
A
point in time comes when the financial sacrifice is greater than the satisfaction of
eating bananas. The consumer will therefore stop buying bananas at the current price.
The bananas are unchanged; they are no better or
worse than before. Their marginal utility to the consumer
has, however, changed. If the price had been higher, he might have bought
fewer bananas; if the price had been lower, he might have bought more.
It is clear from this argument that the nature of a commodity remains
the same, but its utility
changes. This change indicates that a special relationship exists between goods and
services on the one hand, and a consumer and his
money on the other hand. The consumer’s
desire for a commodity tends to diminish
as he buys more units of that commodity. Economists call this tendency the Law of
Diminishing Marginal Utility.
to bargain over prices – äîìîâèòèñü ïðî ö³íè
in advance – íàïåðåä
to satisfy – çàäîâîëüíèòè
satisfaction – çàäîâîëåííÿ
to lose money – âòðà÷àòè ãðîø³
successive purchase – âäàëà ïîêóïêà
the financial sacrifice – ô³íàíñîâà æåðòâà
the current price – ³ñíóþ÷à ö³íà
marginal utility – ãðàíè÷íà êîðèñí³ñòü
to diminish – çìåíøóâàòèñü
1.
It is possible for an
individual to bargain … .
2.
A consumer will go on
buying bananas for … .
3.
If the price had been
higher, he … .
4.
The nature of a commodity
remains the same, but … .
5.
The tendency when the
consumer’s desire for a commodity tends to diminish as he buys more units of that
commodity is called …
1.
Prices are fixed in most
economic systems, but what is possible in some systems?
2.
What is the individual
generally unable to change?
3.
Under what conditions will a consumer go on buying a commodity?
4.
What does the consumer
show by buying more bananas?
5.
What happens with each
successive purchase?
6.
At what point will the
consumer stop buying the commodity at the current price?
7.
What remains unchanged
with each purchase?
8.
What has changed when this
point is reached?
9.
Under what conditions
might he have bought more?
10.
What does a consumer’s
desire tend to do?
1. In the majority of systems prices are fixed but in the minority it is possible to bargain.
2.
It is generally possible
for the individual to change the prices of the commodities he wants.
3.
We know that a
consumer’s satisfaction is greater than his financial sacrifice if he goes on
buying a commodity at the current price.
4.
When a consumer becomes
dissatisfied at paying the current price, he pays less.
5.
The financial sacrifice
becomes too great when the quality of the commodity gets worse.
6.
The consumer will probably
buy more if the price falls.
7.
If the prices rise, the
consumer will probably buy less.
8.
If the price remains the
same, the consumer will reach a point when his sacrifice is greater than
satisfaction.
9.
The utility of a product
stays the same, but its nature changes.
10.
The Law of Diminishing
Marginal Utility is the name which economists give to the tendency for a
consumer’s desire to diminish as he buys more units.
In
economics, the term “price” denotes the consideration in cash (or in kind) for
the transfer of something valuable, such as goods, services, currencies, securities,
the use of money or property for a limited period of time, etc. In commercial
practice, however, it is normally restricted to the amount of money payable for
goods, services, and securities. In other applications, the word “rate” is
preferred. Interest rate is the price for temporary use of somebody else’s money,
exchange rate is the price of one currency in terms of another.
Price
may refer either to one unit of a commodity (unit price) or to the amount of money
payable for a specified number of units or for something where units are not
applicable, e. g., for five tons of coal (total price) or for a specific painting by
Rembrandt.
Prices
perform two important economic functions: they ration scarce resources, and they
motivate production. As a general rule, the more scare something is, the higher its
price will be, and the fewer people will want to buy it. Economists describe that as
the rationing effect of prices. In other words,
since there is not enough of everything
to go around, in market system goods and services are allocated, or
distributed, based on their price.
Price
increases and decreases also send messages to suppliers and potential suppliers of
goods and services. As prices rise, the increase
serves to attract additional producers. Similarly, price decreases
drive producers out of the market. In this way prices encourage producers to
increase or decrease their level of output. Economists refer to this as the
production-motivating function of prices.
Prices
may be either free to respond to changes in supply and demand or controlled by the
government or some other (usually large) organisations.
securities – ö³íí³ ïàïåðè
application – çàñòîñóâàííÿ, âæèâàííÿ
interest rate – ïðîöåíòíà ñòàâêà
exchange rate – êóðñ îáì³íó
to ration – íîðìóâàòè
scarce resources – çá³äí³ë³ ðåñóðñè
scarce – íåäîñòàòí³é
to go around – çíàõîäèòèñü íàâêîëî
to drive out – ïðîãàíÿòè
to encourage producers – ñïîíóêàòè âèðîáíèê³â
level of output – ð³âåíü âèïóñêó.
1. In economics the term “price” denotes … .
2.
Interest rate is … .
3.
Exchange rate is … .
4.
Prices perform … .
5.
The production –
motivating function of prices means …
6.
Prices may be either free
… .
What
does the term «price» denote in economics?
How
is the price normally restricted in commercial practice?
What
is interest rate?
What
is exchange rate?
What
may the price refer to?
What
two important functions do prices perform?
What
can you say about the rationing effect of prices?
What
do you know about the production - motivating function of prices?
May
prices be free to respond to changes in supply and demand?
1. In economics the term “price” denotes the consideration in cash for the transfer of something valuable.
2. In commercial practice it is normally restricted to the amount of money payable for goods, services and securities.
3. Interest rate is the price paid for borrowing money for a period of time.
4. Exchange rate is the price of one currency in terms of another.
5. Price may refer only to one unit of commodity.
6. Supply and demand determine prices in a market economy.
7. Prices perform many important functions.
8. In a market economy goods and services are allocated or distributed based on their prices.
9. Price decreases drive producers out of the market.
10. Prices are always controlled by the government.
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