Контрольная работа: Экономика на английском языке

4. Ответьте письменно на английском языке на следующие вопросы по содержанию текста контрольной работы:

A.

1) Who or what is the market?

A market is any arena, physical or virtual, in which buyers and sellers make transactions.

2) What are the main market participants?

The main market participants are sellers and buyers.

3) How do the main market participants behave in the market?

A buyer gives up money and received a good, while a seller gives up a good and receive money.

4) Why do buyers and sellers make exchanges?

Both sides tend to benefit by an exchange.

5) Do barter exchanges differ from money exchanges?

Barter is the exchange of goods and services performed directly, without using money.

B.

1) What is money?

Money is anything „what you buy things with.“

2) What role does the money play in market exchanges?

Money is a medium of exchange, in terms of which the value of all goods and services is expressed. Money allows for complex exchanges to take place more easily than using barter.

3) What is price?

The amount of money for which a/one unit of goods or services is exchanged is called price.

4) How is the price established in the market?

The price is the result of compromise between expectaions of a buyer and a seller.

5) What is profit and how is it related to price?

The difference between the price at which you sell a good and the price at which you bought it in a trade transaction is normally referred to as profit.

C.

1) How would you define „free market“?

A completely free market is an idealized form of a market economy where buyers and sellers are allowed to transact freely without any state intervention in the form of taxes, subsidies or regulation.

2) Is a completely free-market economy an or a reality?

A completely free market economy is an idealized abstraction.

3) What is the main difference between a capitalist economy and a socialist economy?