9. Make up your own dialogue using the following expressions:

perfect competition, to enter the market, to accomplish a goal, single management

to be engaged in the same business, collusion, to be interested in controlling as much of a market, merger

10. Change the following sentences using the Passive Voice according to the model:

Model: The vertically integrated firms are now buying raw materials from the companies they own. Raw materials are being bought now by the vertically integrated firms.

1. Patent protections are creating another barrier to trade. 2. Privately owned firms are providing an essential public service. 3. Consumers and producers are exchanging the goods in many competitive markets at this time. 4. Businesses are developing a service now. 5. The ice-cream company is driving down the prices.

11. Replace the infinitives in brackets by the Present Continuous Tense (the Passive Voice):

1. Higher returns (to earn) by business. 2. The principal kinds of market structures (to describe) now. 3. The customers (to treat) in the best way. 4. The wealth (to use) to dominate the oil market at this time. 5. The patent holder (to pay) now for permission to use the process or find a new method of production not covered by existing patent.

12. Translate into English:

1. Книжка друкується, доки він читає газету. 2. Ціни знижуються ними в цей час. 3. Його товар продається зараз в умовах монополістичної конкуренції. 4. Де той чоловік? Його наймають на роботу. 5. Однакові послуги надаються і товари продаються зараз різними фірмами.

13. Communicative situations:

1. Mergers of two or more competing firms, as well as of firms that are in competition with one another, have been increasing in recent years. We know that new investment adds capacity to the supply of goods and services. It also may increase competition. Expansion by merger, on the other hand, does not add to supply or capacity, and it may reduce competition. Mergers, however may result in greater efficiency in the future.

a). Explain how mergers may result in greater efficiency.

b). Support the argument that mergers lead to greater inefficiencies.

c). When would you favor, and when would you oppose, mergers?

2. General Mills is, among other things, a major producer of breakfast cereals, ALCOA produces aluminum, and Lovitt Farms, Inc. is a major wheat grower. With respect to each of these firms, compare:

a). The market in which they operate.

b). The relative importance of price in their respective markets.

c). The extent to which product differentiation and price leadership are factors in their markets.

unit 8 MONEY

1. Read and memorize the following words, word- combinations and word-groups:

fluctuation – коливання

e.g. In societies where value of money fluctuates people spend it immediately thinking it will be worth less tomorrow.

to hoard – запасати, накопичувати

e.g. In societies where value of money fluctuates people hoard it in the hope that its value will increase.

portability – портативність

durability – міцність

uniformity – однаковість; однорідність

e.g. Money should possess such features as portability, durability, uniformity.

dollar bill – доларова банкнота

e.g. If dollar bills had no equal denominations of money that had the same value, things could be pretty confusing.

medium of exchange – спосіб обміну

e.g. Money serves us as medium of exchange.

measure of value – міра цінності

e.g. Money serves us as measure of value.

to enable – давати право або можливість (що-небудь робити)

e.g. Money enables us to state the price of something in terms that everyone can understand.