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22. Complete the following sentences according to the text.

1. Everyone requires …

2. Production relates to the activities …

3. All goods must …

4. What man does is to …

5. Man can, however, …

6. The journey from natural …

7. Production is realized …

8. Finished goods are …

9. Any effective arrangement …

10. In the foreign exchange market …

11. For some commodities …

12. Most consumer goods …

13. The price of any economic good …

14. In economics a market that runs …

15. Markets may be distorted …

16. There can be black markets, where …

17. Face to face contact …

23. Arrange the sentences according to the text.

1. The journey from natural product to the completed good is a long one.

2. There are traditional markets existing in the traditional sense.

3. Market is not necessarily a fixed location, a building or a market place.

4. All goods must begin as gifts of nature because man cannot create anything.

5. The price of any economic good under market conditions is determined by the forces of supply and demand.

6. A market that runs under laissez-faire policies is a free market.

7. It involves the efforts of a considerable number of people.

8. Production is the process of creating material wealth and nonmaterial values by people through influencing the gifts of nature.

9. What he does is to take those things which are provided by nature and convert them.

10. Markets may be distorted by sellers with monopoly power or buyers with monopoly power.

11. Everyone requires a wide range of things in life.

12. Finished goods are bought and sold on the market.

13. Face to face contact between buyers and sellers is not a requirement for a market operation.

14.For some commodities the traditional market is still the normal arrangement.

15. Production relates to the activities which are necessary in order to satisfy the wants of mankind.

16. For other commodities the market is world-wide.

24. Make written translation of the following. Types of Production

The difference between job, batch and flow production are becoming blurred. Companies such as Dell Computers, for example, can build the product you want in eight hours. Although a production line approach is used? It now has the flexibility to assemble slightly different versions of the same basic computer. In the past, job (and, to a lesser extent, batch) production has been the mainstay of the small firm. So, is the flexibility of modern robotic technology a threat to the future of the small firm? In some cases, yes.

Though there will always be a need for the small-scale, highly skilled business which can produce the uniquely designed, tailor-made wedding dress, or Elton John’s next swimming pool.

Crucially, flow production means mass production which means mass marketing. This will always struggle to add as much value as specialized, tailor-made, craft skill. Niche marketing implies batch production rather than flow. And the smallest niche of all is one-of production to meet one-off demand. Argos will always sell more rings than a specialist jewelers. But not everyone wants to buy the ring that everyone else buys.

(Ian Marcouse “Business Studies”, Hodder&Stoughton, 2005, 647 p. 345)