1. Elastic supply:Supply for which a percentage change in a product's price causes a larger percentage change in the quantity supplied. | _________________________________________________________________________________________________________________________________________________________________________________________________ |
2. Elasticity of supply:The degree to which supply of a commodity responds to a change in that commodity’s price. | __________________________________________________________________________________________________________________________________________________________ |
3. Inelastic supply:Supply for which a percentage change in a product's price causes a smaller percentage change in the quantity supplied. | _________________________________________________________________________________________________________________________________________________________________________________________________ |
4. Law of supply:the economic law that states as the price of a commodity that producers are willing and able to offer for sale during a particular period of time rises (falls), the quantity of the commodity supplied goes up (decreases), all non-price determinates being equal. | _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ |
5. Quantity supplied:the amount of a product that producers are willing and able to sell at a certain price during a time period, all other factors that may determine supply remaining the same. | __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ |
6. Supply:the total amount of a commodity available for purchase by consumers. | _____________________________________________________________________________________________________________________ |
7. Supply curve: the graphical representation of how supply varies as prices change. | _____________________________________________________________________________________________________________________ |
8. Supply schedule: a table showing the quantities of a product that would be offered for sale at various prices at a given time. | ____________________________________________________________________________________________________________________________________________________________ |
Exercise 2. Give the Ukrainian equivalents for the following.
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1. at a particular price in a given time period – ______________________________ ___________________________________________________________________
2. to fall in between the prices – _________________________________________
3. a different price-quantity combination – _________________________________
4. a direct correlation – ________________________________________________
5. all non-price determinants being equal – _________________________________
6. the labour costs – ___________________________________________________
7. to result in improved productivity – _____________________________________
8. to prefer to store their products today – __________________________________
9. an important concept in understanding supply and demand theories – __________ ____________________________________________________________________
Exercise 3. Find the English equivalents for the following.
1. вивести/випустити на ринок – ________________________________________
2. товар, який постачається – __________________________________________
3. пропонувати на продаж – ___________________________________________
4. значно збільшувати прибутки – ______________________________________
5. прямопропорційна залежність – ______________________________________
6. давати можливість виробникам передбачити – __________________________ ___________________________________________________________________
7. значна зміна величини пропозиції – ___________________________________
8. за певною ціною – _________________________________________________
9. покривати збільшені виробничі витрати – ______________________________
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10. експлуатаційні витрати підприємства – ________________________________
11. існуюча пропозиція – _______________________________________________
12. конкурентний ринок – ______________________________________________
Exercise 4. Match these nouns/noun phrases, prepositions (if necessary) and nouns/noun phrases as they occur together in the text. Translate the expressions they make into Ukrainian.
1. decisions | to between in along of about | the future price |
2. each point | goods traded | |
3. expectations | opportunities | |
4. the amounts | the law of demand | |
5. the opposite | prices | |
6. the profit | prices and the quantity of goods | |
7. the relationship | the curve |
Exercise 5. Match the verbs/verbal phrases, prepositions (if necessary) and nouns/noun phrases as they occur together in the text. Translate the expressions they make into Ukrainian.
1. to vary directly | over on with into in for | improved productivity |
2. to bring | sale | |
3. to charge | the market | |
4. to offer | a higher price | |
5. to result | the behaviour of sellers | |
6. switch | its price | |
7. to refer | production |