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Скачати одним файлом. Книга: Англійська для економістів - Гаращенко
14 Utility
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.
Vocabularyto bargain over prices – домовитись про ціни
in advance – наперед
to satisfy – задовольнити
satisfaction – задоволення
to lose money – втрачати гроші
successive purchase – вдала покупка
the financial sacrifice – фінансова жертва
the current price – існуюча ціна
marginal utility – гранична корисність
to diminish – зменшуватись
I. Complete the sentences using the text: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 …
II. Answer the questions, basing your answers on the text: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?
III. Say whether these statements are true or false and if they are false, say why.
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.
Книга: Англійська для економістів - Гаращенко
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