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a) () The ancient idea of a geographically fixed marketplace has been extended to cover sets of conditions, which permit buyers and sellers to work together.
b) () The world cotton market does not have any fixed geographical position.
c) () A market for a commodity is created whenever buyers and sellers meet only in person but not when they work through their agents.
d) () Market conditions are the same for all types of market structures.
e) () Perfect competition is the only market structure.
f) () Competition in a perfect market is conducted in a completely free way and numerous buyers and sellers enjoy easy communications.
g) () The lowest price which buyers will offer is the only price in a perfect market.
5. Answer the questions:
a) What is the difference between the original and modern market?
b) Under what conditions is a market created?
c) What means of communication do modern buyers and sellers use?
d) What does competition influence?
e) What is a perfect market like?
f) Why is each commodity market subject to special conditions?
g) What does the ruling price indicate?
6. Look through the text again and give Ukrainian/Russian equivalents to the following English words and word combinations:
Market days; to meet in person; to communicate through their agents; a free market; according to; governmentalintervention; to fluctuate; freedom to enter and leave markets; a flow of information; to be subject to; it can be said.
7. Give English equivalents to the following words and word combinations from the text:
Працювати разом; спілкуватися; чиста конкуренція; розрізняти; відповідно до; ринкова ціна; приймати; точка; зазнавати особливих умов; у давні часи; термін; місця для ринків; набір умов.
8. Complete the following sentences with words or word combinations from the text:
a) Conditions of the market are … and do not vary from year to year.
b) Supply and Demand inevitably affect … prices.
c) Economists use the … ‘labour’ in the meaning of ‘any work done for payment’.
d) Prices are … to sudden increases.
e) Producers have fixed too high prices. Consumers can’t … them.
f) The main … of mass media is to provide complete… of information.
g) The only … of inviting him to a party is to send him an e-mail message.
h) Perfect competition is one of the most … market structures.
9. Supply the missing prepositions where necessary:
a) Monopoly and perfect competition differ … one another … many factors.
b) In a market economy a very strict competition … buyers and sellers takes place.
c) Modern markets create such conditions that make hard for a new product to enter… a market.
d) Our CEO prefers to communicate … telephone rather than meet … person.
e) We hoped to obtain some control … the prices … cotton but our competitors managed to keep their position of the market leader in textile industry.
f) … former days people met … market-days … to buy and sell products … acceptable prices.
g) Some people consider communication … letter … an old-fashioned one, majority of business executives prefer e-mail.
11. Complete the network with words which go with the term " market ".
12. Paraphrase the following sentences, substituting the words from the text for the underlined words:
a) The idea of a perfect market is a theoretical concept. There is no … market ….
b) Each commodity market is imperfect in some special way.
c) Long time ago people used to buy everything they needed in markets.
d) His consent depends on your approval.
e) With the help of our agents we managed to sell our house.
f) A fall in the barometric pressure shows a change in the weather.
g) The quantity of those who took part in the conference was very limited.
h) At that stage we had a number of problems to solve.
TEXT B
PRE-READING
1. Work as a group. Read the following names of the companies. Do you know what the abbreviations stand for?
| BOAC ICI NYSE | Post Office British Coal Ukrtelecom | BP WELTON TELECOM |
2. Answer the questions:
a) What do they have in common?
b) In what way are they different?
3. Read the text and check your answers:
In some markets there may be only one seller or a very limited number of sellers working very closely together to control prices. Such a situation is called a ‘monopoly’. The target of such monopolistic activity is to fix prices at a level suitable to the seller, a level which may bring them artificially high profits. Some monopolies are legal. In practice, it is possible to distinguish, 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.
A different kind of monopoly arises when a country, through geographical and geological circumstances, has control over natural resources or important services, such as water, gas, electricity and telephones where it may not be economic to have a large number of competing companies which lay cables or pipes to the same consumers. Such monopolies can be called natural monopolies.
They are very different from legal monopolies, where the law of the country permits certain producers, authors and inventors to have a full monopoly over the production and sale of their own products.
But certain companies ‘corner the market’ in order to obtain complete control over particular commodities. It 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 mergers which might lead to undesirable monopolies.
PRACTICE
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| A The following are dictionary definitions of different types of markets. | | | Say whether these statements are true (T) or false (F), and if they are false say why. |