Some Economic Laws
Download
Report
Transcript Some Economic Laws
CANKAYA UNIVERSITY
OFFICE OF BASIC AND ELECTIVE COURSES
-ENGLISH UNITSOME ECONOMIC LAWS
FOR ENG 205 COURSE
UNIT 3 - WEEK 3
Some Economic Laws
Economy consists of the economic system of a
country or other areas; the labor, capital and land
resources; and the manufacturing, trade, distribution,
and consumption of goods and services of that area.
Some Economic Laws
Discussion
1- How can laws organise
economic activities?
2-How can laws affect
wages?
What are your personal needs?
• A car?
• A house?
• A bottle of whisky?
• Money?
Qs: What is this special characteristic of satisfying a
want?
-UTILITY
Utility is not the same as
usefulness ...
Economists describe utility as “the relationship
between a consumer and a commodity”.
Vocabulary
• expenditure: (n)the action of spending or using time,
money, energy etc.
Synonyms: expense, cost
The government's annual expenditure on arms has been
reduced.
• purchase: (v) to buy something
Antonym: sell
Tickets must be purchased two weeks in advance.
She purchased her first house with all the money she has saved.
Vocabulary
substitute: (n)a person or thing that you use instead of the one
that you usually have, because the usual one is not available
Synonyms: replacement, representative
Thomas was substituted for Williams in the second half of the
meeting.
priority: (n) the thing that you think is most important and that
needs attention before anything else
Synonym: preference
The children are our first priority.
After several burglaries in the area, security is now a high
priority (=very important and needing attention soon).
Vocabulary
satisfy: (v) if you satisfy someone's needs, demands etc,
you provide what they need or want
Antoynm: disappoint, upset
The program is designed to satisfy the needs of adult learners.
remain: (v) to continue to be in the same state or condition
Antonyms: depart, go, leave, move
Synonym: stay, wait
Please remain seated until all the lights are on
Vocabulary
quantity: (n) an amount of something that can be counted or
measured
Synonyms: quota, size, sum, total
Huge quantities of oil were spilling into the sea
• commodity: (n)a product that is bought and sold
Synonyms: goods, products
Commodity prices fell sharply
Vocabulary
• convenience: (n) the quality of being suitable or useful for a
particular purpose, especially by making something easier or
saving you time.
Synonyms:benefit, comfort
Ready meals sell well because of their convenience.
• essential:(adj.) extremely important and necessary
Synonyms: vital, crucial, main, fundamental
Water is essential for/to living things.
It is essential (that) our prices remain competitive.
Comprehension Questions p.12
What determines utility?
A: Our sense of priorities and quantitiy available to the
consumer determine utility. It varies among different
people and nations.
What is the relation between demand and prices?
A: If the price of sth rises, we will buy less (e.g.
cigarettes, food, etc.)
Comprehension Questions p.12
Explain the law of diminishing marginal utility?
A: The consumer’s desire for a commodity tends to diminish
as he buys more units of that commodity.
What are some essential and non-essential commodities?
A: Food and shelter are essential commodities whereas
holidays and trips to the theatre and non-essential ones.
In which cases can demand be inelastic?
A: For non-essentials, demand is elastic.
TRUE-FALSE
Utility is different from uselfulness in the study of
economics.
TRUE
Utility does not change from nations to nations. FALSE
As the stock increases, the utility of a commodity
decreases.
TRUE
Utility is related also to the laws of supply and
demand.
TRUE
Supply is said to be inelastic.
FALSE
REFERENCE
they in line 20 refers to
they in line 25 refers to
its in line 26 refers to
it in line 33 refers to
this in line 42 refers to
them in line 51 refers to
cigarettes
prices
commodity’s
Supply of a
commodity
Particular
commodity
Very high prices
for the essentials
of life
VOCABULARY ITEMS p.12
1- supplied
2- consumer
3- demand
4- essential
5- purchase
6- diminishing
7- commodities
8- convenient
9- remains
10- expenditure
Pre-Listening Vocabulary p.13
interfere: (v.) to involve yourself in a situation when your
involvement is not wanted or is not helpful
Synonym: intervene
Interfering in other people's relationships is always a mistake.
• laissez-faire: (n.phr.): the principle that the government should
allow the economy or private businesses to develop without
any state control or influence
Synonym: nonintervention
The problems began long before he became headteacher, but
they worsened with his laissez-faire approach/attitude.
Pre-Listening Vocabulary p.13
monopoly(n.):if a company or government has a monopoly of
a business or political activity, it has complete control of it so
that other organizations cannot compete with it
For years Bell Telephone had a monopoly on telephone services in the US.
The government is determined to protect its tobacco monopoly.
• welfare(n.):health and happiness
Synonym: well-being
Our only concern is the children's welfare.
We are very concerned about the welfare of U.S. citizens abroad.
Pre-Listening Vocabulary p.13
free enterprise(n.phr.):the principle and practice of allowing
private business to operate without much government control
• property(n.): a building, a piece of land, or things that
someone owns
Synonyms: assets, belongings
The hotel is not responsible for any loss or damage to guests'
personal property.