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ВАРИАНТ 4.

1. Прочитайте и переведите текст:

The law of Demand

Demand is a key conceptin both macroeconomics and microeconomics. In the former,consumption is mainly a function of income; whereas in the latter, consumption or demand is primarily, but not exclusively, a function of price. This analysis of demand relates to microeconomic theory.

The theory of demand was mostly implicitin the writings of classical economists before the late nineteenth century. Current theory rests on the foundations laid by Marshall (1890), Edgeworth (1881), and Pareto (1896). Marshall viewed demand in a cardinalcontext, in which utility could be quantified. Most contemporary economists hold the approachtaken by Edgeworth and Pareto, in which demand has only ordinal characteristics and in which indifference or preferences become central to the

analysis.

Much economic analysis focuses on the relation between prices and quantities demanded, the other variables being provisionallyheld constant. At the various prices that could prevail in a market during some period of time, different quantities of a good or service would be bought. Demand, then, is considered as a list of prices and quantities, with one quantity for each possible price. With price on the vertical axis and quantity on the horizontal axis, the demand curve slopes downwardfrom left to right, signifyingthat smaller quantities are bought at higher prices and larger quantities are bought at lower prices. The inverse relation between price and quantity is usually called the law of demand. The law restson two foundations. One is the theory of the consumer, the logic of which shows that the consumer responds to lower prices by buying more. The other foundation is empirical, with innumerablestudies of demand in actual markets having demonstrated the existence of downward-sloping demand curves.

Exceptions to the law of demand are the curiosaof theorists. The best-known exception is the Giffen effect—a consumer buys more, not less. of a commodity at higher prices when a negative income effect dominates over the substitution effect.

Another is the Vehien effect—some commodities are theoretically wanted solely for their higher prices. The higher these prices are, the more the use of such commodities fulfills the requirements of conspicuous consumption,and thus the stronger the demand for them.

2. Переведите на русский язык следующие английские словосочетания:

1. the demand of curve;

2. the inverse relation;

3. the curiosa of theorists;

4. the substitution effect;

5. variables;

6. key concept;

7. a function of price;

8. to prevail in a market;

9. quantities;

10. conspicuous consumption

3. Найдите в тексте английские эквиваленты следующих словосочетаний:

1. потребление;

2. количественный контекст;

3. взаимоотношение между ценой и количеством;

4. товар или обслуживание;

5. сниженные цены;

6. теория потребителя;

7. известное исключение;

8. товар по более высокой цене;

9. требования;

10. вертикальная ось многочисленных исследований потребления.

4. Найдите в тексте слова, имеющие общий корень с данными словами. Определите, к какой части речи они относятся, и переведите их на русский язык:

1. economic;

2. high;

3. difference;

4. vary;

5. provision;

6. horizon;

7. law;

8. found;

9. consume;

10. theory.

5. Задайте к предложению все типы вопросов: общий, альтернативный, разделительный, специальный, вопрос к подлежащему.Much economic analysis focuses on the relation between prices and quantities demanded, the other variables being provisionallyheld constant.

6. Выполните анализ данных предложений, обратив внимание на следующие грамматические явления: причастие, инфинитив, герундий и их обороты.

1. Current theory rests on the foundations laid by Marshall (1890), Edgeworth (1881), and Pareto (1896).

2. Marshall viewed demand in a cardinalcontext, in which utility could be quantified.

3. Demand, then, is considered as a list of prices and quantities, with one quantity for each possible price.

4. With price on the vertical axis and quantity on the horizontal axis, the demand curve slopes downwardfrom left to right, signifyingthat smaller quantities are bought at higher prices and larger quantities are bought at lower prices.

5. The other foundation is empirical, with innumerablestudies of demand in

actual markets having demonstrated the existence of downward-sloping

demand curves.

7. Ответьте на вопросы по тексту:

1. What is demand?

2. Where was the theory of demand most implicit?

3. What does the current theory rest on?

4. Who laid the foundation for the theory of demand?

5. What does most economic analysis focuse on?

6. What is called the law of demand?

7. What is the logic of the theory of the consumer?

8. What is the gift of the Giffen effect?