Translate the following sentences into English. 1) Самые основные законы экономики — это зако­ны предложения и спроса

1) Самые основные законы экономики — это зако­ны предложения и спроса.

2) Любое событие в экономике есть результат взаи­модействия этих двух законов.

3) Количество предлагаемого товара растёт с ростом рыночной цены и падает со снижением цены.

4) Закон спроса говорит, что количество требу­емых товаров уменьшается по мере роста цены, и наоборот.

5) Одна из функций рынка — найти «равновес­ную» цену.

6) «Равновесные» цены балансируют поставки то­варов и услуг и спрос на них.

7) Равновесная цена — это цена, по которой каж­дый производитель может продать всё, что он хочет продать, а каждый покупатель — купить всё, что ему требуется.

8) Естественно, производители всегда хотят назна­чать более высокие цены.

9) Но, даже если у них нет конкурентов, они ограничены законом спроса.

10) Если производитель будет настаивать на более высоких ценах, покупатель приобретёт меньшее количество единиц продукции.

III Translate the following dialogues from Russian into English:

Test Paper №1.

Variant 7.

I Read the following text and translate it in writing:

PROFITS

In a market economy, profits are the core aim of economic activities. Those who organize production ef­forts do so to maximize their income. Their search for profits is guided by the famous "invisible hand" of cap­italism: the highest profits are to be found in produc­ing the goods and services that potential buyers most want.

Capitalists earn a return on their efforts by provid­ing three productive inputs. First, they are willing to delay their own personal gratification. Instead of con­suming all of their resources today, they save some of today's income and invest those savings in activities (plant and equipment) that will yield goods and services in the future. When sold, these future goods and ser­vices will yield profits that can then be used to finance consumption or additional investment. Put bluntly, the capitalist provides capital by not consuming. Without capital much less production could occur. As a result some profits are effectively the "wages" paid to those who are willing to delay their own personal gratifica­tion.

Second, some profits are a return to those who take risks. Some investments make a profit and return what was invested plus a profit, but others don't. When a savings and loan association or an airline goes broke, the investors in those firms lose their wealth and be­come poorer. Just as underground miners, who are will­ing to perform a dangerous job, get paid more than those who work in safer occupations, so investors who are willing to invest in risky ventures earn more than those who invest in less risky ones. On average those who take risks will earn a higher rate of return on their investments than those who invest more conservatively.

Third, some profits are a return to organization­al ability, enterprise, and entrepreneurial energy. The entrepreneur, by inventing a new product or process, or by organizing the better delivery of an old prod­uct, generates profits. People are willing to pay the entrepreneur because he or she has invented a "better mousetrap."

Economists use the word interest to mean the pay­ment for delayed gratification, and use the word prof­its to mean only the earnings that result from risk tak­ing and from entrepreneurship. But in everyday business language the owner's return on his or her capital is also called profits. (In business language the lender's return is called interest, even though most lending also entails some risks.)

Capitalism requires profits, and profits require own­ership. Property ownership generates responsibility» Without ownership no one is really responsible for what is going on in the economy.

The fruit of successful market competition takes the form of profits. By introducing new goods, new technol­ogy, or new forms of organization, or by finding new markets or new sources of raw material, entrepreneurs can earn profits. The lure of profits inspires alertness, creativity, judgement, and risk taking. Similarly, work­ers who perform better will, all other things being equal, get bigger raises and more promotions.

The pursuit of profits, in the two hundred years since the industrial revolution, has changed the world in many respects. The horse and wagon have been replaced by the railroad, the automobile, and the airplane. The open-hearth fire has yielded to the electric stove and mi­crowave oven. The telephone wire and the electromag­netic wave transmit news that previously travelled by ship or pony. The competitive process that has brought about these enormous changes is governed by the set of rules that, taken collectively, is called the market econo­my or the system of private property. This system recog­nizes the right of each person to use his property as he sees fit, and to keep the fruits of his labour. This leaves the worker free to pursue the occupations for which he thinks himself or herself best suited. It leaves the entre­preneur free to explore new forms of production.

Despite its importance to modern economic life, com­petition is not the be-all and end-all of economic activi­ty. The modern market economy is as much a system of cooperation as it is a system of competition. Within the family and within the firm, between the customer and the supplier, we cooperate to achieve our ends. This coopera­tion is as vital as competition to a productive economy.

II Do the following tasks to the text given up: