VIII. Define which of the following items best completes

U N I T 9

 

TOPIC: MARKETS and MARKET STRUCTURES TEXT A TEXT B TEXT C GRAMMAR: Modal Verbs and their Equivalents. Indefinite Pronoun: one                   Indefinite-Personal Sentences

READING DRILLS

     1. Practise the pronunciation of the following words:

     a) stress the first syllable:

market, classify, influence, similar, pure, separate, real, raise;

b) stress the second syllable:

economist, according, condition, prevail, involve, compete, competitive, competitively, competitiveness, competitor, exactly, determine, exist, monopoly, monopolist, monopolize, degree, unique, depend, attract, except, imaginary;

c) stress the third syllable:

economic, economical, economically, economics, situation, competition, conversation, independent, independently, oligopoly.

Text A [КН1]

     Economists classify markets according to conditions that prevail in them. They ask questions like the following: How many supplies are there? How large are they? Do they have any influence over price? How much competition is there between firms? What kind of economic product is involved? Are all firms in the market selling exactly the same product, or simply similar one? Is it easy or difficult for new firms to enter the market? The answer to these questions helps to determine market structure, or the nature and degree of competition among firms operating in the same market. For example, one market may be highly competitive because a large number of firms produce similar products. Another may be less competitive because of fewer firms, or because the products made by each are different or unique.

     In short, markets can be classified according to certain structural characteristics that are shared by most firms in the market. Economists have names for these different market structures: pure competition, monopolistic competition, oligopoly, and monopoly.

An important category of economic markets is pure competition. This is a market situation in which there are many independent and well-informed buyers and sellers of exactly the same economic products. Each buyer and seller acts independently. They depend on forces in the market to determine price. If they are not willing to accept this price, they do not have to do business.

To monopolize means to keep something for oneself. A person who monopolized a conversation, for example, generally is trying to stand out from everyone else and thus attract attention.

A situation much like this often exists in economic markets. For example, all the conditions of pure competition may be met except that the products for sale are not exactly the same. By making its product a little different, a firm may try to attract more customers and take over the economic market. When this happens, the market situation is called monopolistic competition.

The one thing that separates monopolistic competition from pure competition is product differentiation. The differences among the products may be real, or imaginary. If the seller can differentiate a product, the price may be raised a little above the market price, but not too much.

COMMENTS

1. pure competition — чиста конкуренцiя

2. monopolistic competition — монополістична конкуренція

3. to keep something for oneself — затримати щось для себе

4. to stand out from — вiдiйти/вiддiлитися вiд

5. to attract attention — привертати увагу

6. to take over the economic market — змiнити економiчний ринок

7. product differentiation — диференціація (індивідуалізація) продукції

VOCABULARY EXERCISES

     I. Name the word-building elements and the part of speech
 of each word:

market — marketability — marketable — marketeer — marketer — marketing; differ — difference — different — differential — differentiate — differentiation — differentiability — differently; compete — competition — competitive — competitiveness — competitor; monopoly — monopolist — monopolistic — monopolize — monopolization.

II. Find equivalents:

1. to depend on smth 2. in short 3. to attract more customers 4. to stand out from smth 5. to prevail 6. a highly competitive market 7. pure competition 8. to have some influence over price   9. to enter the market 10. to keep smth for oneself 11. to take over the economic market 12. to meet the condition of pure competition

а. змiнити економiчний ринок б. затримати щось для себе в. входити в ринок г. коротко кажучи д. залежати вiд чогось е. вiдiйти вiд чогось є. чиста конкуренцiя ж. впливати якимось чином на цiну з. переважати и. залучити бiльше покупцiв і. приймати умови чистої конкуренцiї ї. ринок із високим ступенем  конкуренцiї

III. Match the synonyms:

a customer, significant, to prevail, to attract smb’s attention, a supply, next, in accordance with smth, following, to draw smb’s attention, to be ready to do smth, to predominate, to determine price, a buyer, to meet the conditions of pure competition, to fix a price, to be willing to do smth, according to smth, important, a stock, to agree to the conditions of pure competition.

     IV. Match the antonyms:

similarity, ordinary, easy, dependent, imaginary, to separate, difference, to attract smb, to accept, independent, difficult, buyer, unique, to reject, seller, to unite, real, to scare smb away/off.

     V. Fill in the blanks with prepositions or adverbs if necessary:

1. Economists classify markets according ... conditions that prevail ... them. 2. The answer ... these questions helps to determine market structure, or the nature and degree ... competition ... firms operating ... the same market. 3. One market may be highly competitive because ... a large number ... firms produce similar ... products. 4. Pure competition is a market situation ... which there are many independent and well-informed buyers and sellers ... exactly the same economic products. 5. Buyers and sellers depend ... forces ... the market to determine price. 6. To monopolize means to keep something ... oneself. 7. By making its product a little different, a firm may try to attract more ... customers and take ... the economic market.

VI. Complete the following sentences:

1. Economists classify markets according ... . 2. They ask questions like the following ... . 3. The answer to these questions helps ... . 4. One market may be highly competitive because ... . 5. Another may be less competitive ... . 6. In short, markets can be classified according to ... . 7. Economists have names for these different market structures ... . 8. Pure competition is a market situation ... . 9. To monopolize means ... . 10. The one thing that separates monopolistic competition from pure competition is ... .

VII. Match each term in Column A with its definition in Column B:

Column A                                     Column B

1. monopoly	a. The process of creating uniqueness in                      a product.
2. oligopoly	b. A market dominated by a few large firms.
3. pure competition	c. A market in which there is only one seller.
4. monopolistic competition	d. Place where buyers and sellers come together.
5. product differentiation	e. The price at which supply exactly equals demand.
6. competition	f. A market situation in which there are many independent and well-informed buyers and sellers of exactly the same economic products.
7. market	g. The rivalry among buyers and sellers in the purchase and sale of resources and         products.
8. market price	h. A market in which many firms are selling    similar (but not identical) products.

READING DRILLS

1. Practise the pronunciation of the following words:

a) stress the first syllable:

gather, marketplace, simply, buyer, seller, influence, perfect, fluctuate, indicate, current, contact, fixed, agent;

b) stress the second syllable:

extension, location, condition, permit, communicate, completely, prevail, affect, accept, inevitably, commodity, consumer.

Text B

The term market, as used by economists, is an extension of the ancient idea of a market as a place where people gather to buy and sell goods. In former days part of a town was kept as the market or marketplace, and people would travel many kilometres on special market-days in order to buy and sell various commodities.

Today, however, markets such as the world sugar market, the gold market and the cotton market do not need to have any fixed geographical location. Such a market is simply a set of conditions permitting buyers and sellers to work together. 

In a free market, competition takes place among sellers of the same commodity, and among those who wish to buy that commodity. Such competition influences the prices prevailing in the market. Prices inevitably fluctuate, and such fluctuations are also affected by current supply and demand.

Whenever people who are willing to sell a commodity contact people who are willing to buy it, a market for that commodity is created. Buyers and sellers may meet in person, or they may communicate in some other way: by telephone or through their agents. In a perfect market, communications are easy, buyers and sellers are numerous and competition is completely free. In a perfect market there can be only one price for any given commodity: the lowest price which sellers will accept and the highest which consumers will pay. There are, however, no really perfect markets, and each commodity market is subject to special conditions. It can be said, however, that the price ruling in a market indicates the point where supply and demand meet.

 

COMMENTS

1. gold market — ринок золота

2. free market — ринок, вільний від обмежень; вільна торгівля

3. commodity market — ринок товарів; товарна біржа

VOCABULARY EXERCISES

READING DRILLS

1. Practise the pronunciation of the following words:

a) stress the first syllable:

perfect, numerous, planning, government, cornering, operate, company, postal, limited, practice, transport, circumstance, ownership, legal, merger;

b) stress the second syllable:

although, available, monopoly, monopolize, distinguish, variety, control, commodity, authority, permit, inventor, producer, arrangement, comparatively, distinct, complete, canal, obtain, illegal, restrict.

         

Text C

Although in a perfect market¹ competition is unrestricted and sellers are numerous, free competition² and large numbers of sellers are not always available in the real world. In some markets there may only be one seller or a very limited number of sellers. Such a situation is called a monopoly, and may arise from a variety of different causes. It is possible to distinguish in practice four kinds of monopoly.

State planning and central control of the economy often mean that a state government has the monopoly of important goods and services. Some countries have state monopolies in basic commodities like steel and transport, while other countries have monopolies in such comparatively unimportant commodities as matches. Most national authorities monopolize the postal services within their borders.

A different kind of monopoly arises when a country, through geographical and geological circumstances, has control over major natural resources or important services, as for example with Canadian nickel and the Egyptian ownership of the Suez Canal. Such monopolies can be called natural monopolies³.

They are very different from legal monopolies, where the law of a country permits certain producers, authors and inventors a full monopoly over the sale of their own products.

These three types of monopoly are distinct from the sole trading opportunities which take place because certain companies have obtained complete control over particular commodities. This action is often called «cornering the market»⁴ and is illegal in many countries. In the USA anti-trust laws operate to restrict such activities, while in Britain the Monopolies Commission examines all special arrangements and mergers⁵ which might lead to undesirable monopolies.

COMMENTS

1. perfect market  — досконалий (немонополістичний) ринок 

2. free competition — вільна конкуренція

3. natural monopoly — природна монополія

4. cornering the market — спекулятивне контролювання ринку

5. merger — амер. об’єднання, злиття (підприємств тощо)

 

VOCABULARY EXERCISES

COMMUNICATIVE SITUATIONS

1. Round-table discussion. The question on the agenda is «Competition is one of the cornerstones of free enterprise».

You may include the following points in your discussion:

n the principal kinds of market structures; 

n perfect competition and perfectly competitive markets; 

n imperfect competition: monopolistic competition and oligopoly;

n legal monopolies (public utilities, patents, copyrights and trademarks);  

n the distinguishing features of perfect and imperfect competition.

 

 

Use the table given below:

 

GRAMMAR EXERCISES

Modal Verbs: may; might

 

XI. Give short and full answers:

1. May I keep your book till Monday? 2. May I work in your room when you are away? 3. May I look some words up in the dictionary? 4. May I park my car here for a couple of hours? 5. May we cross the street when the light is red? 6. Please may I borrow your dictionary? 7. May I have a week’s holiday? 8. May I invite my friend to join us?

XII. Translate into Ukrainian:

1. You may ring me up if you need my help. 2. He may be busy getting ready for the trip. 3. You may come if you wish. 4. You may go there by train. 5. He may have missed the train. 6. Oxford may have changed a lot in recent years, but it’s still a beautiful city. 7. I’ll write today so that he may know when to expect us. 8. Might I use your phone? 9. Honestly, you might have told me! 10. She may know about it.

XIII. Ask your teacher:

1. if you may come in; 2. if you may ask her/him a question; 3. if you may look through your notes; 4. if you may look up a word in the dictionary; 5. if you may have a break; 6. if you may go home earlier.

     XIV. Translate into English:

1. Можна нам іти додому? — Так. 2. У мене не було із собою грошей. Я міг би купити цей словник. 3. Я можу дістати квитки зазда­легідь. 4. Якби він поспішив, то міг би встигнути на поїзд. 5. Я дам йому свої вправи, щоб він їх перевірив. 6. Вона, можливо, напише вам сама про це. 7. Він міг би навідатися до мене. Адже він знає, що я хворий. 8. У всякому разі ти могла б написати мені хоч кілька слів. 9. Дивно, що їх тут немає. Можливо, вони забули про нашу зустріч і вже пішли додому. 10. Він запитав мене, чи може взяти мій словник. 11. Може, завтра буде дощ. 12. Я не задоволена вашою відповіддю. Ви могли б відповідати краще.

U N I T 9

 

TOPIC: MARKETS and MARKET STRUCTURES TEXT A TEXT B TEXT C GRAMMAR: Modal Verbs and their Equivalents. Indefinite Pronoun: one                   Indefinite-Personal Sentences

READING DRILLS

     1. Practise the pronunciation of the following words:

     a) stress the first syllable:

market, classify, influence, similar, pure, separate, real, raise;

b) stress the second syllable:

economist, according, condition, prevail, involve, compete, competitive, competitively, competitiveness, competitor, exactly, determine, exist, monopoly, monopolist, monopolize, degree, unique, depend, attract, except, imaginary;

c) stress the third syllable:

economic, economical, economically, economics, situation, competition, conversation, independent, independently, oligopoly.

Text A [КН1]

     Economists classify markets according to conditions that prevail in them. They ask questions like the following: How many supplies are there? How large are they? Do they have any influence over price? How much competition is there between firms? What kind of economic product is involved? Are all firms in the market selling exactly the same product, or simply similar one? Is it easy or difficult for new firms to enter the market? The answer to these questions helps to determine market structure, or the nature and degree of competition among firms operating in the same market. For example, one market may be highly competitive because a large number of firms produce similar products. Another may be less competitive because of fewer firms, or because the products made by each are different or unique.

     In short, markets can be classified according to certain structural characteristics that are shared by most firms in the market. Economists have names for these different market structures: pure competition, monopolistic competition, oligopoly, and monopoly.

An important category of economic markets is pure competition. This is a market situation in which there are many independent and well-informed buyers and sellers of exactly the same economic products. Each buyer and seller acts independently. They depend on forces in the market to determine price. If they are not willing to accept this price, they do not have to do business.

To monopolize means to keep something for oneself. A person who monopolized a conversation, for example, generally is trying to stand out from everyone else and thus attract attention.

A situation much like this often exists in economic markets. For example, all the conditions of pure competition may be met except that the products for sale are not exactly the same. By making its product a little different, a firm may try to attract more customers and take over the economic market. When this happens, the market situation is called monopolistic competition.

The one thing that separates monopolistic competition from pure competition is product differentiation. The differences among the products may be real, or imaginary. If the seller can differentiate a product, the price may be raised a little above the market price, but not too much.

COMMENTS

1. pure competition — чиста конкуренцiя

2. monopolistic competition — монополістична конкуренція

3. to keep something for oneself — затримати щось для себе

4. to stand out from — вiдiйти/вiддiлитися вiд

5. to attract attention — привертати увагу

6. to take over the economic market — змiнити економiчний ринок

7. product differentiation — диференціація (індивідуалізація) продукції

VOCABULARY EXERCISES

     I. Name the word-building elements and the part of speech
 of each word:

market — marketability — marketable — marketeer — marketer — marketing; differ — difference — different — differential — differentiate — differentiation — differentiability — differently; compete — competition — competitive — competitiveness — competitor; monopoly — monopolist — monopolistic — monopolize — monopolization.

II. Find equivalents:

1. to depend on smth 2. in short 3. to attract more customers 4. to stand out from smth 5. to prevail 6. a highly competitive market 7. pure competition 8. to have some influence over price   9. to enter the market 10. to keep smth for oneself 11. to take over the economic market 12. to meet the condition of pure competition

а. змiнити економiчний ринок б. затримати щось для себе в. входити в ринок г. коротко кажучи д. залежати вiд чогось е. вiдiйти вiд чогось є. чиста конкуренцiя ж. впливати якимось чином на цiну з. переважати и. залучити бiльше покупцiв і. приймати умови чистої конкуренцiї ї. ринок із високим ступенем  конкуренцiї

III. Match the synonyms:

a customer, significant, to prevail, to attract smb’s attention, a supply, next, in accordance with smth, following, to draw smb’s attention, to be ready to do smth, to predominate, to determine price, a buyer, to meet the conditions of pure competition, to fix a price, to be willing to do smth, according to smth, important, a stock, to agree to the conditions of pure competition.

     IV. Match the antonyms:

similarity, ordinary, easy, dependent, imaginary, to separate, difference, to attract smb, to accept, independent, difficult, buyer, unique, to reject, seller, to unite, real, to scare smb away/off.

     V. Fill in the blanks with prepositions or adverbs if necessary:

1. Economists classify markets according ... conditions that prevail ... them. 2. The answer ... these questions helps to determine market structure, or the nature and degree ... competition ... firms operating ... the same market. 3. One market may be highly competitive because ... a large number ... firms produce similar ... products. 4. Pure competition is a market situation ... which there are many independent and well-informed buyers and sellers ... exactly the same economic products. 5. Buyers and sellers depend ... forces ... the market to determine price. 6. To monopolize means to keep something ... oneself. 7. By making its product a little different, a firm may try to attract more ... customers and take ... the economic market.

VI. Complete the following sentences:

1. Economists classify markets according ... . 2. They ask questions like the following ... . 3. The answer to these questions helps ... . 4. One market may be highly competitive because ... . 5. Another may be less competitive ... . 6. In short, markets can be classified according to ... . 7. Economists have names for these different market structures ... . 8. Pure competition is a market situation ... . 9. To monopolize means ... . 10. The one thing that separates monopolistic competition from pure competition is ... .

VII. Match each term in Column A with its definition in Column B:

Column A                                     Column B

1. monopoly	a. The process of creating uniqueness in                      a product.
2. oligopoly	b. A market dominated by a few large firms.
3. pure competition	c. A market in which there is only one seller.
4. monopolistic competition	d. Place where buyers and sellers come together.
5. product differentiation	e. The price at which supply exactly equals demand.
6. competition	f. A market situation in which there are many independent and well-informed buyers and sellers of exactly the same economic products.
7. market	g. The rivalry among buyers and sellers in the purchase and sale of resources and         products.
8. market price	h. A market in which many firms are selling    similar (but not identical) products.

VIII. Define which of the following items best completes

    the statement:

1. A competitive market

a. has many buyers and sellers.

b. is dominated by a few large firms.

c. is regulated by the government.

d. includes monopolies and oligopolies.

2. A market with a few large firms is called

a. a monopoly.

b. pure competition.

c. an oligopoly.

d. monopolistic competition.

     3. Competition in the marketplace is important because it

a. limits the effects of supply and demand.

b. eliminates the profit motive.

c. gives producers the incentive to be efficient.

d. creates a market where producers can control prices.

     4. The American government

a. is not involved in influencing markets.

b. regulates various aspects of business activity.

c. owns most US businesses.

d. does not produce any goods and services.

5. Which of the following best explains why certain industries are

           dominated by large firms?

a. Large firms are always more efficient than small ones.

b. The American people have lost faith in the competitive market system.

c. Patent laws are easily ignored.

d. Only large firms can afford the necessary factories and equipment.

IX. Ask someone:

if markets can be classified according to certain structural characteristics that are shared by most firms in the market; each buyer or seller acts independently in the market; a firm may try to attract more customers and take over the economic market;

what questions economists ask; helps to determine market structure, or                 the nature and degree of competition among firms operating in the same   market; is the difference between highly and less competitive market; names the economists have for different market structures; is pure competition; they depend on; «to monopolize» means; situation is called   monopolistic competition; separates monopolistic competition from pure competition; may be the difference among the products;

when the price may be raised a little above the market price;

how economists classify markets.

X. Translate into English:

     1. Вiдповiдь на певний ряд питань допомагає визначити ринкову структуру або її природу та ступiнь конкуренцiї мiж фiрмами, якi дiють на одному й тому ж ринку. 2. До ринкових структур належать: чиста конкуренцiя, монополiстична конкуренцiя, олiгополiя та монополiя.
3. Чиста конкуренцiя — це важлива категорiя економiчних ринкiв. 4. Кожен покупець чи продавець дiє на ринку незалежно. 5. Вони залежать вiд тих сил на ринку, якi визначають цiну. 6. Урiзноманiт­нюючи трохи свiй товар, фiрма може намагатися залучити бiльше по­купцiв i змiнити економiчний ринок. 7. Коли таке трапляється, ринкова ситуацiя називається монополicтичною конкуренцiєю.

 

123456Следующая ⇒

Поделиться: