Vocabulary Focus

1. Match the words with their definitions.

1. monopoly	a. a form of imperfect competition that exists when there are many producers or sellers of similar but differentiated goods and services
2. oligopoly	b. an event or occasion, usually held at regular intervals, at which people meet for the purpose of buying and selling goods and services
3. monopolistic competition	c. exclusive control of the market supply of a product or service
4. perfect competition	d. a market situation in which control over the supply of goods is held by a small number of producers each of whom is able to influence prices and thus directly affect the position of competitors
5. market	e. a market situation in which there exists a homogeneous (однородный) product, freedom of entry, and a large number of buyers and sellers none of whom individually can affect prices

2. Use the words from the list of Useful Vocabulary to complete the sentences.

1. Price elasticity is only one of the problems studied by economists in the theory of demand and ….. .

a. competition

b. currency

c. supply

2. The marketing concept says that marketing managers should meet the needs of ….. .

a. securities

b. consumers

c. entrepreneurs

3. The ….. of some goods doesn’t vary greatly within a particular market as all sellers impose practically the same prices.

a. price

b. outcome

c. scope

4. ….. often leads to lower prices and the introduction of differentiated products.

a. stock exchange

b. arrangement

c. competition

5. Some experts say a ….. is a person who can create out of nothing a viable business.

a. entrepreneur

b. buyer

c. seller

3. Give the English equivalents to the following expressions.

- международный рынок

- определить стоимость товаров и услуг

- рыночная экономика

- гибкая цена

- заказывать товары и услуги по почте

- покупать и продавать товары и услуги

- спрос и предложение

Talking Points

1. Give your arguments to support the following statements.

A. Marketing helps people satisfy their needs and wants.

B. Prices serve as a link between producers and consumers.

2. Express your opinion on the following points.

1. If you had such a chance, what goods and services would you promote in the Belarusian market? Explain your choice, using the following expressions.

- I think …

- In my opinion …

- To my mind …

- As for me …

- It seems to me …

2. Prove or disprove that price stability (i.e. keeping inflation low) is more important than other economic aims, such as attempting to reduce unemployment.

Summary Points

1. Look through the text from Reading once more and divide it into 6 logical parts.

2. Fill in the missing points in the plan of the text.

I. What is market?

II.

III.

IV.

V. Functions of prices.

VI. The role of prices in different markets.

3. Use the plan of the text to summarize its contents.