Ex. 2. Match the words with their definitions

____ product a) a person who purchases goods and services for his own personal needs

____ demand b) the ability of a commodity to satisfy human wants.

____ substitute c) something produced by effort.

____ price d) a consumer's willingness and ability to buy goods and services at

a particular time.

____ consumer e) the cost at which anything is obtained.

____ utility f) a product which is bought and used in place of another product.

____ complements g) the amount of a commodity that producers are willing and able to offer

for sale at a particular price.

____ supply h) products that are often bought and consumed together.

Ex. 3. Fill in the gaps using active words and word combinations from the text.

1. The demand for a p_______________ depends on how much is c___________________ for the product. 2. The law of demand describes the r________ between the prices and the q_______ of goods and services demanded. What is true for ice-cream a___________ to most everything. 3. After a certain point is reached the s________ from a good or service will begin to d_______. 4. Economists describe this effect as d________ m________ u________. 5. An increase in d_____________will result in an increase in the m_____________ p___________. 6. The law of demand is r_______ to all goods and services. When the c____________ have less money to spend they will r__________ their d_____________ for products. 7. S _____________ are goods that are bought and used in place of another product. 8. C________________are goods that are often bought and consumed together.