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Скачати одним файлом. Книга: Англійська для економістів - Гаращенко
15 Price
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.
Vocabularysecurities – цінні папери
application – застосування, вживання
interest rate – процентна ставка
exchange rate – курс обміну
to ration – нормувати
scarce resources – збіднілі ресурси
scarce – недостатній
to go around – знаходитись навколо
to drive out – проганяти
to encourage producers – спонукати виробників
level of output – рівень випуску.
I. Complete the sentences using the text: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 … .
II. Answer the questions, basing your answers on the text: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? III. Say whether these statements are true or false and if they are false, say why.
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.
Книга: Англійська для економістів - Гаращенко
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