Ғ. Н.Қисметова Ағылшын тілі грамматикасы

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Grammar KZ (1)

UNIT 9 The Role of the Market

1) Ответьте на вопросы.
I .What is the World Bank1?
2. What is the procedure of getting a loan from the World
Bank?
3.What are the latest trends in the policy of the World bank?
4.How is the voting power determined?
5.What are the largest subscribers of the World Bank?
UNIT 9
The Role of the Market
Markets bring together buyers and sellers of goods and services. In
some cases, such as a local fruit stall, buyers and sellers meet physically - In
other cases, such as the stock market, business can be transacted over the
telephone, almost by remote control. We need not go into these details.
Instead, we use a general definition of markets.
A market is a shorthand expression for the process by which
ouseholds decisions about consumption of alternative goods, firms
ecisions about what and how to produce, and workers’ decisions about
how much and for whom to work are all reconciled by adjustment of
prices.
Prices of goods, and o f resources, such as labor, machinery and
an , a just to ensure that scare resources are used to produce these goods
and services that society demands.
Much of economics is devoted to the study how markets and prices
enable society to solve the problems of what, how, and for whom to
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produce. Suppose you buy a hamburger for your lunch. What does this
have to do with markets and prices? You chose the cafe because it was
fast, convenient and cheap. Given your desire to eat, and your limited
resources, the low hamburger price told you that this was a good way to
satisfy your appetite. You probably prefer steak but that is more expensive.
The price of steak is high enough to ensure that society answers the “for
whom” question about lunchtime steaks in favor of someone else.
Now think about the seller’s viewpoint. The cafe owner is in the
business because, given the price of hamburger meat, the rent and the
wages that must be paid, it is still possible to sell hamburgers at a profit. If
rents were higher, it might be more profitable to sell hamburgers in a
cheaper area or to switch to luxury lunches for rich executives on expense
accounts. The student behind the counter is working there because it is a
suitable part-time job which pays a bit of money. If the wage were much
lower it would hardly be worth working at all. Conversely, the job is
unskilled and there are plenty of students looking for such work, so owner
of cafes do not have to offer very high wagers.
Prices are guiding your

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