Тема № 5 degrees of competition Степени конкуренции

1. Competition (конкуренция) – the vying among businesses in a particular market or industry to best satisfy consumer demands and earn profits.

2. Perfect competition (совершенная конкуренция) - occurs in an industry when that industry is made up of many small firms producing homogeneous products, information is perfect, and there is no impediment to entry or exit.

3. Monopoly (монополия) – a market or industry with only one producer, who can set the price of its product and/or resources.

4. Bilateral monopoly (двусторонняя монополия) – market structure in which there is monopoly power on both the buyer’s and the seller’s side of the market.

5. Monopolistic competition (монополистическая конкуренция) - refers to a market in which products are heterogeneous but which is otherwise the same as a market that is perfectly competitive.

6. Pure monopoly (чистая монополия) - is an industry in which there is only one supplier of a product for which there are no close substitutes and in which, because of scale economies, it is very hard or impossible for another firm to coexist.

7. Natural monopoly (естественная монополия) - an industry in which advantages of large-scale production make it possible for a single firm to produce the entire output of the market at lower average cost than a number of firms each producing a smaller quantity.

8. Oligopoly (олигополия) - a market dominated by a few sellers at least several of which are large enough relative to the total market to be able to influence the market price.

9. Differentiated oligopoly (дифференцированная олигополия) – oligopoly in which each firm produces a product, that is somewhat different from that produced by the other firms. Also called imperfect oligopoly.

10. Monopsony (монопсония) - refers to a market situation in which there is only one buyer.

11. Barrier to competition (препятствие к конкуренции) – any circumstance that makes it difficult for a new firm to enter an industry. Examples are the exclusive ownership of a unique resource, economies of scale, and government sanctioned protection in the form of patents, licenses, copyrights, and franchises.

Тема № 6 types of markets Типы рынков

1. Market (рынок) - a set of arrangements by which buyers and sellers are in contact to exchange goods or services.

2. Factor market (рынок факторов производства) - any place where factors of production (e.g. land, labour, capital) are bought and sold.

3. Product market (товарный рынок) - any place where finished goods and services (products) are bought and sold.

4. Financial market (финансовый рынок) – a market that takes the funds of savers and lends them to a borrower.

5. Financial market structure (структура финансового рынка) – a market in which lending and borrowing take place through the exchange of debt instruments at interest rates mutually determined by lenders and borrowers.

6. Black market (черный, теневой рынок) - a market in which goods are traded illegally at prices often above a government-imposed ceiling.

7. Labour market (рынок труда) – on the labour market labour time is bought by employers, although the workers themselves are not bought.

8. Stock market (фондовый рынок) - on the stock market financial assets, such as shares of firms, are bought and sold.

9. Money market (денежный рынок) - the market in which the demand for & the supply of money determine the interest rate in the economy.

10. Free market (свободный рынок) – a market that is free from government interference, prices rising and falling in accordance with supply and demand.

11. Grey market (серый рынок) – any market for goods that are in short supply. It differs from black market in being legal.

12. Competitive market (конкурентный рынок) - a market in which no buyer or seller has market power.

13. Foreign exchange market (рынок иностранной валюты) - the market in which foreign currencies are exchanged.