Say whether these statements true (t) or false (f), and if they are false say why.
( ) The ancient idea of a geographically fixed marketplace has been extended to cover sets of conditions, which permit buyers and sellers to work together.
( ) The world cotton market does not have any fixed geographical position.
( ) A market for a commodity is created whenever buyers and sellers meet only in person but not when they work through their agents.
( ) Market conditions are the same for all types of market structures.
( ) Perfect competition is the only market structure.
( ) Competition in a perfect market is conducted in a completely free way and numerous buyers and sellers enjoy easy communications.
( ) The lowest price which buyers will offer is the only price in a perfect market.
5. Answer the questions:
What is the difference between the original and modern market?
Under what conditions is a market created?
What means of communication do modern buyers and sellers use?
What does competition influence?
What is a perfect market like?
Why is each commodity market subject to special conditions?
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; governmental intervention; 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:
Conditions of the market are … and do not vary from year to year.
Supply and Demand inevitably affect … prices.
Economists use the … ‘labour’ in the meaning of ‘any work done for payment’.
Prices are … to sudden increases.
Producers have fixed too high prices. Consumers can’t … them.
The main … of mass media is to provide complete… of information.
The only … of inviting him to a party is to send him an e-mail message.
Perfect competition is one of the most … market structures.
9. Supply the missing prepositions where necessary:
Monopoly and perfect competition differ … one another … many factors.
In a market economy a very strict competition … buyers and sellers takes place.
Modern markets create such conditions that make hard for a new product to enter… a market.
Our CEO prefers to communicate … telephone rather than meet … person.
We hoped to obtain some control … the prices … cotton but our competitors managed to keep their position of the market leader in textile industry.
… former days people met … market-days … to buy and sell products … acceptable prices.
Some people consider communication … letter … an old-fashioned one, majority of business executives prefer e-mail.
Complete the network with words which go with the term "market".
