I. Read and memorize the fallowing words, word- combinations and word-groups:

to influence the market — Mam annne wa pnnon

e.g. No individual or group can influence the behavior of the market.

interchangeable — B3aeM03aMiHHnvi

e.g. The individual securities of a particular firm are totally interchangeable.

at will — 3a anacHUM 6awaHHflM

e.g. Traders can buy or sell individual securities at will.

collusion — flOMOBneHicTb; 3roBip

e.g. Collusion is a secret arrangement between two or more firms to fix prices or share the market.

utilities — niAnpneMCTBa rpOMaACbuoro KopuciyBaHHsi; KOMyHanbHi nocnym

e.g. Public utilities are privately owned firms that provide an essential public service.

merger — o6'ЈAnaHHa (ni^npneMCTB)

integration — imerpauin, o6'eflHaHHn

e.g. The combination of two or more book publishing firms would be an example of a horizontal merger or horizontal integration.

trademark — loproea Mapua

e.g. Trademarks are special designs, names or symbols that identify a product, service or company.

II. Give English equivalents to the following:

KOMynanbHi nocnym pmhok

ToproBa Mapua 06'eAHaHnn (n/flnpMEMcre)

HaftaBarn nepeBary yroAa

KOHKypeHU,ia 3a BiiacHMM 6aJKanHstM

B3aeM03aMiHHWM naTeHT MOHOnonin

warn ennHB Ha pwHOK npoAaeenb

nonyneu,b

III. Fill in the blanks with appropriate words:

1. Economists often speak of the a structures of a ... .

2. buyers and sellers =Ј.

   monopoly 3

   trademark 5"

   patents

   market

   competition -'

   firm

   ... are able to enter or to leave the market at will.

3. A market in which there is only one seller is a ... .

4. ... motivates producers to improve the quality and increase the variety of goods and services.

5. sCoke» is a ... of the Coca-cola Com­pany.

6. In a monopoly supply is determined by a single ....

7. Under conditions of perfect competi­tion ... could be found at the inter­section of the supply and demand curves.

S. The products of certain industries such as aluminium, chemicals and electro­nics, are protected by ... .

IV. Read and translate the text:

Markets exist wherever people come together to buy and sell their goods and services. In economic systems during such hours, consumers and producers exchange their goods and services in many competitive markets.

A perfectly competitive market, according to economists, requires all of the following conditions:

'Many buyers and sellers; no individual or group can influence the behavior of the market.

'Identical goods or services offered for sale.

*No buyer or seller knows more than any other about the market.

Buyers and sellers are able to enter or leave the market at will. Few markets have all these characteristics. The New York Stock Exchange, the American Stock Exchange and other similar securities markets, however, are good examples of perfect competition. The individual securities of a particular firm are totallyinterchangeable.

Collusion is a secret arrangement between two or more firms to fix prices or share the market. These agreements are usually illegal.

Public Utilities are privately owned firms that provide an essential public service. They are granted a monopoly because it is felt that competition would be harmful to the public interest.

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Trademarks are special designs, names or symbols that identify a product, service or company. Many businesses are naturally interested in growing and controlling as much of a market — or several markets — as possible. One way to accomplish this goal is through a merger.

Mergers fall into three categories: horizontal, vertical, or conglomerate.

The combination (or «integrating») of two or more com­panies engaged in the same business is a horizontal mer­ger. The combination of two or more book publishing firms would be an example of a horizontal merger or horizontal integration.

A conglomerate merger combines two or more unrelated businesses under a single management (pp. 87—94).