- •U n I t 9
- •Reading drills
- •1. Practise the pronunciation of the following words:
- •Comments
- •Vocabulary exercises
- •I. Name the word-building elements and the part of speech of each word:
- •II. Find equivalents:
- •III. Match the synonyms:
- •IV. Match the antonyms:
- •V. Fill in the blanks with prepositions or adverbs if necessary:
- •VI. Complete the following sentences:
- •VII. Match each term in Column a with its definition in Column b:
- •VIII. Define which of the following items best completes
- •X. Translate into English:
- •Reading drills
- •1. Practise the pronunciation of the following words:
- •Comments
- •Vocabulary exercises
- •I. Use the correct word in the sentences. Change the form
- •II. Give the Ukrainian equivalents for the following words and
- •V. Answer the following questions:
- •Reading drills
- •1. Practise the pronunciation of the following words:
- •Comments
- •Vocabulary exercises
- •I. Find single words in the text for which the following words could
- •II. Say whether these statements are true or false and if they are
- •III. Change the following sentences as in the pattern:
- •1. Monopolies are permitted in public utilities because in these industries
- •2. Which of the following firms will have the greatest freedom in
- •3. A merger results when
- •V. Punctuate the following passage. Provide capital letters,
- •VI. Answer the following questions:
- •Communicative situations
- •Grammar exercises Modal Verbs and their Equivalents Modal Verbs: can; could; be able to
- •I. Complete the sentences according to the pattern:
- •II. Ask your groupmate:
- •III. Make the following sentences interrogative and negative:
- •IV. Give short and full answers:
- •Modal Verbs: may; might
- •Modal Verbs: must; be to; have to; have got to
- •XX. Complete the following situation, using «be to»
- •XXI. Translate into English:
- •Modal Verbs: should; ought to
- •XXII. Translate into Ukrainian:
- •XXIII. Change the sentences using the verbs should or ought:
- •XXIV. Put «to» where necessary:
- •XXV. Translate into English:
- •Indefinite Pronoun: one. Indefinite-Personal Sentences
- •XXVI. Paraphrase the sentences using the indefinite pronoun one:
- •XXVII. Translate the sentences and define the function of «one»:
- •XXVIII. Translate into Ukrainian:
- •XXIX. Translate into English:
- •XXX. Memorize the following proverbs. Translate them into
- •Exercises for individual work
- •I. Insert may or might:
- •II. Insert can, could or be able to:
- •III. Change the sentences into the Past and Future Indefinite:
- •IV. Insert must or the present, future, or past form of have to:
- •V. Insert must not or need not:
- •VI. Put «to» where necessary:
- •VII. Insert one(s) or one’s:
- •VIII. Translate into English:
U n I t 9
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TOPIC: MARKETS and MARKET STRUCTURES TEXT A TEXT B TEXT C GRAMMAR: Modal Verbs and their Equivalents. Indefinite Pronoun: one Indefinite-Personal Sentences |
Reading drills
1. Practise the pronunciation of the following words:
a) stress the first syllable:
market, classify, influence, similar, pure, separate, real, raise;
b) stress the second syllable:
economist, according, condition, prevail, involve, compete, competitive, competitively, competitiveness, competitor, exactly, determine, exist, monopoly, monopolist, monopolize, degree, unique, depend, attract, except, imaginary;
c) stress the third syllable:
economic, economical, economically, economics, situation, competition, conversation, independent, independently, oligopoly.
Text A
Economists classify markets according to conditions that prevail in them. They ask questions like the following: How many supplies are there? How large are they? Do they have any influence over price? How much competition is there between firms? What kind of economic product is involved? Are all firms in the market selling exactly the same product, or simply similar one? Is it easy or difficult for new firms to enter the market? The answer to these questions helps to determine market structure, or the nature and degree of competition among firms operating in the same market. For example, one market may be highly competitive because a large number of firms produce similar products. Another may be less competitive because of fewer firms, or because the products made by each are different or unique.
In short, markets can be classified according to certain structural characteristics that are shared by most firms in the market. Economists have names for these different market structures: pure competition1, monopolistic competition2, oligopoly, and monopoly.
An important category of economic markets is pure competition. This is a market situation in which there are many independent and well-informed buyers and sellers of exactly the same economic products. Each buyer and seller acts independently. They depend on forces in the market to determine price. If they are not willing to accept this price, they do not have to do business.
To monopolize means to keep something for oneself3. A person who monopolized a conversation, for example, generally is trying to stand out from4 everyone else and thus attract attention5.
A situation much like this often exists in economic markets. For example, all the conditions of pure competition may be met except that the products for sale are not exactly the same. By making its product a little different, a firm may try to attract more customers and take over the economic market6. When this happens, the market situation is called monopolistic competition.
The one thing that separates monopolistic competition from pure competition is product differentiation7. The differences among the products may be real, or imaginary. If the seller can differentiate a product, the price may be raised a little above the market price, but not too much.