CANKAYA UNIVERSITY OFFICE OF BASIC AND ELECTIVE COURSES -ENGLISH UNIT-

1. CANKAYA UNIVERSITYOFFICE OF BASIC AND ELECTIVE COURSES-ENGLISH UNIT- SOME ECONOMIC LAWS FOR ENG 205 COURSE UNIT 3 - WEEK 3

2. Some Economic Laws • Economy consists of the economic system of a country or other areas; the labor, capital and landresources; and the manufacturing, trade, distribution, and consumption of goods and services of that area.

3. Some Economic Laws

4. Discussion 1- How can laws organise economic activities? 2-How can laws affect wages?

5. 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

6. Utility is not the same as usefulness ... • Economists describe utility as “the relationship between a consumer and a commodity”.

7. 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.

8. 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 substitutedfor 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).

9. 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

10. 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

11. 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 essentialfor/to living things. • It is essential(that) our prices remain competitive.

12. 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.)

13. 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.

14. TRUE-FALSE • Utility is different from uselfulness in the study of economics. • Utility does not change from nations to nations. • As the stock increases, the utility of a commodity decreases. • Utility is related also to the laws of supply and demand. • Supply is said to be inelastic. TRUE FALSE TRUE TRUE FALSE

15. REFERENCE cigarettes • 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 prices commodity’s Supply of a commodity Particular commodity Very high prices for the essentials of life

16. VOCABULARY ITEMS p.12 1- supplied 2- consumer 3- demand 4- essential 5- purchase 6- diminishing 7- commodities 8- convenient 9- remains 10- expenditure

17. 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.

18. 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.

19. 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.