(3) An essential question for production is how many resources are actually needed to produce a given product. The answer depends on our technological know-how and how we organize the production process. At any moment, however, there is sure to be some minimum amount of resources needed to produce a good. Likewise, there will always be some maximum amount of output attainable from a given quantity of resources. These limits to the production of any good are reflected in the production function.
2. Read the text and choose the correct answer:
1) What do you need to supply goods and services to the market?
a. You need more than ambition.
b. You need only financial support.
c. You need technology.
2) What does a farmer need to produce corn?
a. To produce corn, a farmer needs only land.
b. To produce corn, a farmer needs land, water, seed, equipment, and labor.
c. To produce corn, a farmer needs money.
3) How are the resources used to produce goods and services called?
a. Factors of production are the resources used to produce goods and services.
b. The resources used to produce goods and services are called financial resources.
c. The resources used to produce goods and services are called technological resources.
4) What do factors of production provide?
a. Factors of production provide the technological know-how.
b. Factors of production provide the basic measure of economic cost.
c. Factors of production provide the sewing machines.
5) How many resources are actually needed to produce a given product?
a. It depends on technological know-how and how we organize the production process.
b. It depends on the purpose of a production function and how we organize the production process.
c. It depends on hard-working machine operators and how they organize the production process.
3. Read the text again and find the word that means:
1) Anything that people use to produce goods and services (p. 1);
2) Resources that can be used to produce goods and services (p. 2);
3) Quantity of goods produced (p. 3).
4. Fill in the gaps with the appropriate words:
contract, banks, customer, company, output
1) In job production, products are supplied to the special requirements of a ….
2) The type of production method depends on the development of an individual ….
3) We are interested in signing this ….
4) … are closely concerned with the flow of money into and out of the economy.
5) The purpose of a production function is to tell us just how much … we can produce with varing amounts of factor inputs.
5. Choose the correct form of the verb:
1) Accountants … numerical calculations.
a. perform b. performs c. is preforming
2) We … the results of the market research next week.
a. know b. will know c. knew
3) Many commodities … by our company last year.
a. were bought b. have been bought c. are bought
4) The production of this new commodity … next year.
a. is decreased b. are being decreased c. will be decreased
5) In a communistic sustem all businesses … by the government.
a. was controlled b. are controlled c. is controlled
6. Put the questions to the underlined words:
1) The company has ordered some new equipment. ( What …?)
2) The prices were fixed by the government last year. (When …?)
3) She worked for that bank for three years. (Who …?)
7. Write the letter in the appropriate order, use the notes in box to complete the letter:
You work for Sonic Company Ltd. as a manager. Inform your partners that you developed a new line of domestic electrical appliances and you enclose a catalogue and a price list.
1) March 3, 2005
2) Dear Sirs,
3) Sonic Company Ltd.
36 Fetterr Lane
London EC4A 1BB
4) Sanders & Lowe Ltd.
Import and Export Office
28 Princes Street
London EC1 7DQ
5) Yours faithfully,
The Sales Manager
6) Encl.: catalogue and price list
1. Translate the marked part of the text:
(1) It is wrong to think that a consumer-oriented product will sell all by itself. Even a good, attractively priced product that clearly satifies a need has to be made known to its target customers. The producer has to develop a product or brand awareness, i.e. to inform potential customers, dealers and retailers about the product’s existence, features, advantages, and so on.
(2) Since budgets are limited, marketers usually have to decide which tools – advertising, public relations, sales promotion or personal selling – to use and in what proportion.
(3) Direct advertising can take a number of forms and appear in several formats. The place chosen for the advert will depend on the target market and may include: commercial TV and radio, magazines and newspapers, transport, posters, leaflets, and hands-out. Because advertising tends to be expensive, it will then be placed in the media which will reach the market segment in the most beneficial way.
(4) Public relations is concerned with maintaining, improving or protecting the image of a company or product. It is believed that by maintaining a good public image, other trading activities will be smoothed and encouraged – no organizations carry out PR for purely altruistic reasons.
(5) Sales promotions such as free samples, coupons, price reductions, competitions are temporary tactics designed to stimulate either earlier or stronger sales of a product.
(6) Personal selling is the most expensive promotional tool, and is generally used only sparingly, e.g. as a complement to advertising. The emphasis upon this type of promotion will depend upon the nature of the product. Personal selling involves a person-to-person direct communication where the benefits of the product are explained.
2. Read the text and choose the correct answer:
1) How is the place for the advert chosen?
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