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Moiseeva_F

Comprehension:

  1. What is a market?

  2. What is a good and what is a service?

  3. What determines a market price?

  4. When do prices increase and decrease in a free market?

  5. What is market equilibrium?

Text organization.

The statements below express the main ideas of the text. Number them so that they are in the same order as the ideas in the text. The first one is given for you:

Statement

Order

A good is something tangible, a service is something intangible.

Some of these things are tangible, while others are intangible.

However, a market is not confined to a particular place.

The interaction of demanders and suppliers determines a market price.

There are markets for thousands of things.

Markets are commonly thought of as specific places where buyers and sellers meet.

1

A market is in equilibrium when the quantity supplied is equal to the quantity demanded.