Comments

1. gold market — ринок золота

2. free market — ринок, вільний від обмежень; вільна торгівля

3. commodity market — ринок товарів; товарна біржа

Vocabulary exercises

I. Use the correct word in the sentences. Change the form

of the words if necessary:

-vary

1. Conditions on that market are stable and don’t __________ very much from year to year. 2. It is often difficult to classify the ______ types of economic system in the world. 3. Because prices on that market fluctuate considerably from week to week, we say that they are __________ . 4. The managers of that company hope to increase the __________ of products which they offer for sale to the public. 5. There has been little ________ in price levels over the last five years. 6. That businessman handles a very ____________ selection of products, including bananas, toys, and cars.

-compete

1. Our firm is no longer __________ in world markets. 2. This company has better products than its ___________ . 3. A loss of ___________ is usually signalled by increasing imports and falling exports. 4. Oligopolies exist because it is difficult for _________ firms to enter the market. 5. ___________ is one of the cornerstones of free enterprise.

-monopolize

1. Don’t __________ our guest — there are others who would like to talk to her. 2. In some countries tobacco is a government __________ . 3. Imperfect competition includes both _____________ competition and oligopoly. 4. At the extreme of imperfect competition is the _______ — a single supplier who alone determines the price of a particular good.

II. Give the Ukrainian equivalents for the following words and

word-combinations. Use them in the sentences of your own:

market; to buy and sell goods; in former days; marketplace; the world sugar market; various commodities; the gold market; the cotton market; fixed geographical location; competition; the prices prevailing in the market; perfect market; free market; supply and demand; commodity market.

3. Paraphrase the following sentences as in the pattern:

Pattern: The term market is an extension of the ancient idea of

the marketplace. Economists use the term in a special way. The term market, as the term used by economists, is

an extension of the ancient idea of the marketplace. The term market, as used by economists, is an extension

of the ancient idea of the marketplace.

1. The term money refers not only to a means of exchange but also to a means of measuring the value of men’s labour. Economists understand the term in a special way. 2. The term labour means any work done for a known reward. Economists use the term in a special way. 3. The methods of controlling prices and wages will probably not succeed. The government described the methods in a special way. 4. The idea of a perfect market is a theoretical concept and not a practical reality. Economists present the idea in a special way. 5. The scheme for a new industrial complex will take fifteen years to complete.The planners discussed the scheme in a special way.

4. Say whether these statements are true or false and if they are

false say why:

1. The ancient idea of a geographically fixed marketplace has been extended to cover sets of conditions which permit buyers and sellers to work together. 2. A market for a commodity is created whenever buyers and sellers meet in person but not when they work through their agents. 3. Supply and demand inevitably affect prevailing prices. 4. The world cotton market is not located in any special place. 5. The competition between buyers of a commodity influences the prevailing prices. 6. Competition in a perfect market is conducted in a completely free way by numerous buyers and sellers enjoying easy communications. 7. The lowest price which buyers will offer is the only price in a perfect market. 8. Each commodity market is imperfect in some special way.