Магистры-экономисты. Английский язык english for masters of economics
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Complete the sentences. Most real world firms have... Сompetition, also termed pure competition is an ideal market scenario, where... A specific type of oligopoly is... Monopolistic сompetition is very similar to… The term market structure refers to… The monopolist sells... Nowadays, very few industries... The challenges for a monopolist include... Summarize the text. Use the table from Task 2 and the phrases below.  The Text under the title «__» is concerned with / deals with / tells about / is about… At the beginning of the text the author describes / dwells on / explains / points out… The Text begins with the description of / the analysis of / the review of / the characterization of… Then (after that, next) the author passes on to / goes on to say about / gives a detailed analysis (description) of… In addition (besides, moreover, further)… In conclusion (at the end of the Text) the author underlines / draws the conclusion that … TEXT 2 PERFECT COMPETITION P  erfect Competition is a market structure in which the following five criteria are met: all firms sell an identical product; all firms are price takers – they cannot control the market price of their product; all firms have a relatively small market share; buyers have complete information about the product being sold and the prices charged by each firm and the industry is characterized by freedom of entry and exit. Perfect competition is sometimes referred to as «pure competition». Under perfect competition, there are many buyers and sellers, and prices reflect supply and demand. Also, consumers have many substitutes if the good or service they wish to buy becomes too expensive or its quality begins to fall short. New firms can easily enter the market, generating additional competition. Companies earn just enough profit to stay in business and no more, because if they were to earn excess profits, other companies would enter the market and drive profits back down to the bare minimum. Real companies try to make their products different from those of their competitors. They advertise to try to gain market share. They cut prices to try to take customers away from other firms. They raise prices in the hope of increasing profits. And some firms are large enough to affect market prices. Perfect competition is a theoretical market structure. It is primarily used as a benchmark against which other, real-life market structures are compared. The industry that most closely resembles perfect competition in real life is agriculture. For example in the market for wheat there are many producers, and no individual producer can affect the market price by increasing or decreasing his output. For this reason, each farmer takes the market price as predetermined if he wants to sell any wheat at all. All he has to do is to decide on how much to produce at that price. The buyers can costlessly observe prices and can buy at the lowest one. The Theory of Industrial Organization predicts that in a competitive market, the price is at the intersection of the supply and demand, where the marginal value of the last unit purchased is equal to the marginal cost of the last unit produced. Typically there are a few more assumptions added to the above description such as free entry and exit of participating firms, perfect divisibility of output and no externalities in either the production or the consumption of the good. Although a traditional description of a perfect competition outcomes presumes these conditions, recent experimental work has seriously challanged the necessity of some these assumptions. http://www.econport.org http://www.investopedia.com TEXT COMPREHENTION Answer the questions.  1. What is perfect competition? 2. What five criteria are met in perfect competition? 3. What is the role of prices under perfect competition? 4. When do the consumers have substitutes? 5. What happens when companies earn excess profits? 6. What do the companies do to get market share? 7. Can individual producer affect the market price? How? 8. What assumptions can be added to the description of perfect competition? VOCABULARY PRACTICE Chose the corresponding Russian word. freedom a. равенство b. свобода с. правда substitute a. заменять b. копировать c. присутствовать excess a. входящий b. избыточный с. справедливый profit a. цена b. компенсация с. прибыль benchmark a. критерий b. оценка с. вероятность predetermine a. перечислять b. стремиться с. предопределять purchase a. спрос b. доля с. покупка assumption a. становление b. допущение с. трудность divisibility a. делимость b. позиция с. противоположность presume a. решиться b. анализировать с. предполагать Find in Text 2 the synonyms of the following words and word-combinations. Write them down. Make up your own sentences with these words. 
Use a word from a box to complete each sentence.
Most real world firms have _______ that more closely resemble the monopolistic competition and oligopoly models. Real companies ______ to try to gain market share. In monopolistic competition, an industry contains many ______ firms, each of which has a similar but at least slightly different product. The imperfectly competitive structure is quite _______ to the realistic market conditions. A monopoly markets structure has the biggest level of _______ to entry while the perfectly competitive market has zero percent level of barriers to entry. In economics, the term “market” does not mean a particular place but the whole _______ where the buyers and sellers of a product are spread. Insert the prepositions. You must take ___ account your start-up costs when you are starting your new business. In economics, a market does not mean a particular place but the whole region where sellers and buyers ___ a product ate spread. Market structure refers to the degree of competition in the market ___ goods and services. Companies earn just enough profit to stay ___ business and no more. Real companies try to make their products different ___ those of their competitors. An oligopoly consists of only a handful ___ companies selling similar products. Perfect competition is sometimes referred ___ as «pure competition». The monopolist sells a product ___ which there are no close substitutes. Three sentences have been removed from the text. Chose from the sentences A-D the one which fits each gap (1-3). There is one extra sentence. Give the main idea of the text. A. They will be allowed to do business with foreign companies directly, but the language and experience problems still remain. B. There are a number of determinants of market structure for a particular good. C. However, they found that they still need a well-trained business service company because of following reasons. D. But doing business through Import and Export companies could cut down your profit as the expectation of profit from this organization is higher. China market  1 I  t is well-known that China is the biggest market in the world. With the development of China economy, more and more Chinese manufacturers have been able to produce the high quality products yet at the low production cost. Businessmen found that this situation have given them the tremendous business opportunities to increase their margin.  2 Most Chinese people can only speak Chinese (Mandarin) and do not speak English, and lots of Chinese people can only speak some kind of dialects, this situation has blocked foreigners to do business with Chinese companies but also may increase your profit if you can overcome the language difficulty with the help of expert company. Currently, most businesses between Chinese companies and foreign companies are done through the Import and Export companies.  3 Most manufacturers and suppliers in China don't have the experience to do business with foreign companies directly because they are not allowed to do business directly with foreign companies according to the policy, and they also do not have the capability to communicate with foreign companies, nowadays, things have been partly changed and will be changed dramatically after the signing of WTO agreement. http://www.chinamarket.com Correct the mistakes. The market structures is influenced by the number and nature of sellers in the market. I  f there will be a single buyer in the market, this is buyer’s monopoly and is called monopsony market. If a product is complete different from other products, it has no close substitutes and there is pure monopoly in the market. The conditions for entry and exit of firms in a market depends upon profitability or loss in a particular market. Usually, a governments have a monopoly in public utility services like postal, air and road transport, water and power supply services, etc. Another requirement of perfect competition is the perfect mobility of good and factors between industries. Under perfect competition, a costs of advertising, sales-promotion, etc. do not arise because all firms produce a homogeneous product. The structures of market both for goods market and service market are determine by the nature of competition prevailing in a particular market. Translate into English.  В основе понятия «структура рынка» лежит степень влияния отдельного продавца (покупателя) на рыночную цену. В условиях совершенной конкуренции отдельная фирма может контролировать только свои объемы производства и свои затраты, но не цену. Если монополист обладает высокой степенью контроля над рынком, то он имеет возможность устанавливать разные цены. Если олигополист уменьшит объем производства, то это приведет к росту цен на рынке. Монополистическая конкуренция возникает там, где функционируют десятки фирм, тайный сговор между которыми практически невозможен. Рыночная цена в отрасли является ориентиром для каждой отдельной фирмы и обеспечивает одним фирмам положительную экономическую прибыль, другим — нормальную прибыль, третьим — отрицательную экономическую прибыль, то есть убытки. LISTENING 16. Listen to the episode about business. Fill in the gaps in the text. Business isn’t so good _______ . In fact, it’s the worst time for businesses for decades. Many businesses _______ because of the global financial crisis. Even sound businesses _______ industry and electronics are going through _______ time. Many small businesses have gone out of business. It’s _______ because so many lives are being ruined. With a lot of businesses it’s _______ for survival. I really respect people for trying to _______ their business. I don’t have much business sense. I wouldn’t know where _______ opening my own business. I _______ best thing would be to look at business startups on the Internet. An online business might be good. There _______ less risk. Discussion   17. Discuss advantages and disadvantages of different market structures with your partner. Use the phrases from Unit 1 (Ex. 17).  18. Say what business you would like to run in your country. Why?PROJECT WORK 19. Surf the Internet and make a presentation of market of any country you like.  20. Market structures - self-test.  Match the following descriptions with the appropriate market structure? a) An industry with significant barriers to entry and a single supplier b) A highly concentrated market with just a few interdependent firms c) A highly competitive market with slightly differentiated products d) A highly competitive market where firms are price takers Perfect competition Monopolistic competition Oligopoly Monopoly Which of the following is the most competitive market structure? Perfect competition Monopolistic competition Oligopoly Monopoly Which of the following is the least competitive market structure? Perfect competition Monopolistic competition Oligopoly Monopoly Which of the following is NOT a feature of monopolistic competition? a) Numerous sellers b) Product differentiation c) Numerous buyers d) Homogenous products In which form of market structure would price be the key factor when competing? Perfect competition Monopolistic competition Oligopoly Monopoly Which of the following are NOT conditions of perfect competition? a) A large number of firms b) Similar products c) Perfect mobility of factors d) Informative advertising to ensure that consumers have good information e) Freedom of entry and exit into and out of the market  |