Ex. 3. A. What kind of goods can you buy in the following sections of the department store? Match the items with the department.

2. Is it possible to get goods for free?

l. Which goods are better: expensive or cheap?

Read and translate the text:

What is a price?

A price in economics and business is the result of an exchange and from that trade we assign a numerical monetary value to a good, service or asset. If I trade 4 apples for an orange, the price of an orange is 4 apples. Inversely, the price of an apple is 1/4 oranges.

The price is only a part of the information we get from observing an exchange. The other part is the volume of the goods traded per unit time, called the rate of purchase or sale. From this additional information we understand the extent of the market and the elasticity of the demand and supply.

The concept of the price is central to microeconomics where it is one of the most important variables in resource allocation theory (price theory). The price is also central to marketing where it is one of the four variables in the marketing mix that business people use to develop a marketing plan.

In general terms the price is the result of an exchange that takes place between two parties and refers to what must be given up by one party (buyer) in order to obtain something offered by another party ( seller).

Conventional definition. In an ordinary usage, the price is the quantity of payment or compensation for something. People may say about a criminal that he has paid the price to society to imply that he has paid a penalty or compensation. They may say that somebody paid for his folly to imply that he had suffered the consequence.

This however has not been used consistently, so that old confusion regarding value frequently reappears. The value of something is a quantity counted in common units of value called numeraire, which may even be an imaginary good. This is done to compare different goods. The unit of value is frequently confused with the price, because the market value is calculated as the quantity of some good multiplied by its nominal price.

The theory of price asserts that the market price reflects interaction between two opposing considerations. On the one side there are demand considerations based on marginal utility, while on the other side there are supply considerations based on marginal cost. An equilibrium price is supposed to be at once equal to marginal utility (counted in units of income) from the buyer's side and marginal cost from the seller's side. Though this view is accepted by almost every economist, and it constitutes the core of mainstream economics, it has recently been challenged seriously.

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Tasks to the text:

Ex.1. Answer the following questions:

1.Give a definition of a price.

2.What is the most important element in price theory?

3.Is the price the result of exchange?

4.What does the market price reflect?

5.How can one count the value of anything?

Ex 2. Fill in the gaps with the words:

1.Thay may.... that somebody paid for his folly.... that he had .... the consequences.

2.The other ... is the volume of the goods ... per unit time.

3.In general... the price is...of an exchange between two ..

4.The value of something is ...counted in common units of value.

Ex.3. Insert correct prepositions:

1. The concept... the price is central... microeconomics 2. ... general terms the price is the result...an exchange.

3. ...an ordinary usage, the price is the quantity ...payment.

4.The unit ...of value is frequently confused ... the price.

5. ....the one side there are demand considerations, f?ased ... marginal utility.

Ex.4 Produce communicative situations, using the following expressions:

The market price; to count the value of something; the price theory.

Ex.5 Make the mind map, concerning the price theory.

PART IV. CLASSIFICATION OF RESTAURANTS IN MODERN HOSPITALITY INDUSTRY.

Pre-reading

Ex.1. Read and translate the following words

atmosphere, factor, favorite, control, operator, niche, mission, actual, philosophy, company, ethics, ingredient,

Ex.2. Read and translate the following groups of words derived from a

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common root:

1)success - successful - successfully - succeed;

2)composition - recomposition – decomposition - compose

3)present - presenter - presentation - representation - representative - presentable;

4)load - loading - reloading - overloading

5)formal - formally - formality - formalize - informal - informality;

6)brand -branding - rebranding

7)increase - increasing - decrease - decreasing

8)freeze - refreeze- defreeze - freezing - refreezing - defreezing

9)moral - morally - morality - immoral - immorally - immorality -

morale;

10)employ - employer - employee - employed - unemployed - employment

-unemployment - underemployment;

11)depend - dependent - independent - dependence - dependable - dependability - interdependent - interdependency;

12)own - owner - ownership - ownerless - disown.

Ex.3. Read the text and translate it

Text 1. CLASSIFICATION OF RESTAURANTS

Being dedicated to the service of people away from home, hospitality industry is concerned with their accommodation, composition, branding, provision of food and drink and entertainment. That is why the institutions, which provide these services are divided into three branches: hotel business, restaurant business and tourist business. We will deal with restaurant business here. Restaurants play an important role in society. Dining out in restaurants fulfill an important sociological need. People need not only nourishment but also the social interaction that takes place in a restaurant setting. Restaurants are one of the few places where we use all of our senses to enjoy the experience. Our taste, smell, hearing, and touch are all employed to savor the food, service, and atmosphere of the restaurant.

Classification of restaurants may be based on two factors: menu and services offered. According to the menu there are two main categories: full-service and specialty restaurants. Restaurants of the first type have more than a dozen main-course items that are cooked to order. Specialty restaurants specialize in one dish (pizza, hamburger, chicken, steak, seafood, etc.). According to the services, the restaurants are classified into occasion (also called luxury) and casual restaurants. Two types of services are used in

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occasion restaurants: French service ( the food arranged on platters and presented to guests, after which the preparation is completed on a trolley-like side table with a gas burner), and Russian service (the food is cooked in the kitchen, placed into a serving dish, and served to the guests individually with a serving spoon). Casual dining is characterized by relaxed atmosphere, where not only Russian service is typical, dut also its simplified version called American service and even buffet-type service (self-service).

Operating Philosophy

At the heart of an enterprise is the philosophy of the owner or operator. The philosophy represents the way the company does business. It is an expression of the ethics, morals, and values by which the company operates.

Mission, goals, and objectives

Many companies have formal mission statements that explain their reason for being in business. Amur Restaurant's mission in Khabarovsk is a good example of a restaurant's mission.

Mission Statement of Amur Restaurant in Khbarovsk:

•Amur restaurant mission is to provide every guest with a dining experience that exceeds expectations and ensures their return.

•We serve a variety of attractive, excellent tasting food in a comfortable, inviting atmosphere.

•We offer a wide range of competitive prices that provide exceptional value.

•Our service is professional, knowledgeable, and friendly.

•We are committed to the success of the individual, their quality of life, and to providing opportunities for recognition and professional growth and development.

•We are one of the industry’s leader in providing growth and returns to our shareholders.

Ex. 4. Answer the questions on the text:

1.Why do restaurants play an important role in society?

2.What is hospitality industry?

3.What senses do we use to enjoy the experience of dining out in a good restaurant?

4.What is the classification of restaurants?

5.What does the successful operation of a restaurant depend on?

6.Why isn't it easy to succeed in operating restaurants?

7.What philosophy is at the heart of any enterprise?

8.What does this philosophy represent?

9.How do companies explain their reason for being in business?

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10. What is the mission of Amur restaurant in Khabarovsk?

Ex. 5. Say whether the following statements are true or false. Comment on the true statements and correct the false ones.

1.The successful operation of a restaurant depends on many ingredients.

2.Restaurants are one of the few places where we use two our senses — hearing, and touch — to enjoy the experience.

3.The philosophy is an expression of the ethics, morals, and values by which the company operates.

Ex.6.Work in pairs:

Look at the following words and phrases and think of a story that might combine them all. You may reorder them in any way you like using any form of the verb:

a new restaurant opened; the catchment area; had been thoroughly analyzed; philosophy; elaborated; mission statement; guests; successful operation; succeeded in operating the restaurant; its successful operation.

When you have decided upon the story, tell it to your partner. Then listen to that of your partner. Ask each other as many questions as you can to learn further details.

Ex.7.Entitle the paragraphs beginning with the words:

Restaurants play... Perhaps this kind...

Ex. 8. Give a summary of the text.

Ex. 9. Role-play:

Pretend you are willing to turn your traditional restaurant into a theme one. You want to create your own specific restaurant concept and make a profitable use of it.

Text 2. DUTIES OF MANAGERS AND SERVERS

Pre-reading

Ex. 1. Read and translate the following words: