Vocabulary exercises. 1. The Law of demand A. Обернено пропорційно

I. Find equivalents:

1. the Law of Demand a. обернено пропорційно

2. to be coupled with 6. призвести

3. to bring about в. визначити ціни

4. by chance r. необхідна кількість

5. to determine prices д. випадково

6. ability and willingness to pay e. зміни в ціні

7. effective demand є. закон попиту

8. reduction in price ж. інакше кажучи

9. inversely з. бути поєднаним

10. changes in price и. зниження ціни

11. in other words і. ефективний попит

12. the quantity demanded ї. здатність та готовність платити

II. Match the synonyms:

by chance, to double the price, an obstacle, to consider, efficient, to cut in price, to bring about, to happen, by accident, a relationship, to cause, effective, to raise the price a hundred per cent, a barrier, to think, to occur, a correlation, a reduction in price.

III. Match the antonyms:

Ability, higher price, to cut, to supply, to demand, inelastic, to consume, to raise, least, to couple, small, large, inversely, to part, incapacity, to produce, most, elastic, directly, lower price.

IV. Match each term with its definition:

1. demand a. Money value of a good or service.

2. the Law of Demand b. The graphical representation of the demand function.

3. consumer c. explains how much a change in price affects the

quantity demanded.

4. price d. good or service whose consumption is seen as essential

in order to maintain a minimum standard of living in a society.

5. demand curve e. a consumer’s willingness an ability to buy a product or

service at a particular time and place.

6. demand elasticity f. anyone who uses goods or services.

7. purchasing power g. all else being equal, more items will be sold at a low

price than at a higher price.

8. necessity h. the value of a unit of money measured in terms of what

it can buy.

V. Answer the following questions:

1. What do most people think of demand?

2. What is an effective demand?

3. What does it help to do?

4. What is expressed by the Law of Demand?

5. What does the Law of Demand?

6. The correlation between demand and price?

7. Is price an obstacle to buying for consumers?

8. What does the elastic demand consist in?

9. What does the inelastic demand for products mean?