Vocabulary practice

1. Find in the text English equivalents for the following word combinations. Write your own sentences using them.

Ринкова структура; постачати; природа та ступінь конкуренції; вести справи (2); досконала конкуренція; добре інформовані покупці та продавці; обмінюватися однаковими товарами; задовольняти п’ять необхідних умов; торгувати чимось; діяти незалежно; хоча; вимагати; здатність продавця підняти ціну в межах неширокого асортименту; конкурентна сторона; індивідуалізація продукції; дорога реклама та просування продукції; відмінні риси; отже; монополістична конкуренція; ризикувати; втрачати конкурентів; цінова поведінка; зниження ціни; приваблювати нових клієнтів; розробляти нову фізичну властивість товару; сучасна економіка; олігополія; чиста монополія; в результаті; означати; оголошувати поза законом; вводити нові товари.

2. Give Ukrainian equivalents for the following word combinations.

The way companies compete; particular market; to try to win the share of the market; to affect the price; to have more control over price; to reflect the competitive conditions; to represent a theoretically ideal situation; to evaluate market structure; in order to; to lack; a large number of buyers and sellers; reasonably well-informed; to be free to enter into; to conduct or get out of business; to satisfy all five necessary conditions; rare; less competitive market structure; except for; products are generally similar; to raise or lower the price enough; to ignore minor differences; to change brands; real or perceived differences; monopolistic competitive industry; the cost of doing business; to spend so much on advertising and promotion; to differentiate a product in the mind of the buyer; to dominate the industry; to be further from perfect competition than monopolistic competition; the other firms in the industry usually follow; tendency; to act together; when it comes to; a nonprice basis; to enhance a product with new or different features; to be at a disadvantage for a period of time; to take longer; to match a price cut; an extreme case; to come close; near monopolies.

3. Answer the following questions:

1. What is a market structure?

2. Why is market structure so important?

3. How do economists group firms?

4. What is perfect competition?

5. What conditions does the market need to meet in order to have perfect competition?

6. Why is perfect competition important?

7. What is imperfect competition?

8. What differs monopolistic competition from perfect competition?

9. What is the monopolistic aspect?

10. What are product differentiation and nonprice competion?

11. What is the role of advertising in monopolistic competition?

12. What is oligopoly?

13. How do oligopolists compete ?

14. What is monopoly?

4. The italicized words in the sentences below are found in this unit. Study the sentences. Then identify the part of speech and write your own definition for the word on the line provided.

EXAMPLE.

Small traders cannot compete in the face of cheap foreign imports.

compete (V) – to try to be more successful or better than somebody else.

1. Next year we hope to have a bigger share of the market.

share ( )_____________________________________

2. Your room is huge compared to mine.

huge ( ) ________________________________

3. We supply Internet-based services to big businesses in Europe.

supply ( )_____________________________________

4. Trading has been adversely affected by the downturn in consumer spending.

affect ( )________________________________________

5. How much you are paid reflects how important you are to the company.

reflect ( )_________________________________________

5. A good training programme is one of the conditions for successful industry.

condition ( )_______________________________________

5. The ingredients are identical with those of competing products.

identical ( )_______________________________________

5. We use written tests and interviews to evaluate job candidates.

evaluate ( )________________________________________

5. The design meets all safety standards.

meet ( )___________________________________________

5. It was the first time that I had conducted business in Brazil.

conduct ( )_________________________________________

11.I only saw Helen on the rare occasions when I went into her shop.

rare ( )_____________________________________________

12.We decided to take rooms in Longwood House, although we knew we could not really afford the rent.

although ( )_______________________________________

13. Many traders require payment by credit card.

require ( )________________________________________

14. Even as young woman she had been perceived as a future chief executive.

perceive ( )______________________________________

15. They were well aware that the company was losing money.

aware ( )________________________________________

16. This is an opportunity to enhance the reputation of the company.

enhance ( )______________________________________

17. Most computer users have never received any formal keyboard training. Consequently, their keyboard skills are inefficient.

consequently ( )__________________________________

18. The learning needs of the two groups are quite distinct from each other.

distinct ( )_____________________________________