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

to influence the market — мати вплив на ринок e.g. No individual or group can influence the behavior ofthe market.

interchangeable — взаємозамінний

e.g. The individual securities of a particular firm are totally interchangeable.

at will — за власним бажанням

e.g. Traders can buy or sell individual securities at will, collusion — домовленість; зговір

e.g. Collusion is a secret arrangement between two or more firms to fix prices or share the market.

utilities — підприємства громадського користування; комунальні послуги

e.g. Public utilities are privately owned firms that provide an essential public service.

merger — об'єднання (підприємств) integration — інтеграція, об'єднання e.g. The combination of two or more book publishing firms would be an example of a horizontal merger or horizontal integration.

trademark — торгова марка

e.g. Trademarks are special designs, names or symbols that identify a product, service or company.

II. Give English equivalents to the following:

комунальні послуги ринок

торгова марка об'єднання (підприємств)

надавати перевагу угода

конкуренція за власним бажанням

взаємозамінний патент монополія

мати вплив на ринок продавець

покупець

III. Fill in the blanks with appropriate words:

1. Economists often speak of the «structure» of a ... . market price

2. ... are able to enter or to leave the market at will. buyers and sellers

3. A market in which there is only one seller is a ... . monopoly

4. ... motivates producers to improve the quality and increase trademark

the variety of goods and services. patents

2. «Coke» is a ... of the Coca-cola Company. market

3. In a monopoly supply is determined by a single ... . competition

4. Under conditions of perfect competition ... could be found firm

at the intersection of the supply and demand curves.

2. The products of certain industries such as aluminium, chemicals

and electronics, are protected by ... .

IV. Read and translate the text:

Markets exist wherever people come together to buy and sell their goods and services. In economic systems' during such hours, consumers and producers exchange their goods and services in many competitive markets.

A perfectly competitive market, according to economists, requires all of the following conditions:

*Many buyers and sellers; no individual or group can influence the behavior of the market.

*Identical goods or services offered for sale. *No buyer or seller knows more than any other about the market.

Buyers and sellers are able to enter or leave the market at will. Few markets have all these characteristics. The New York Stock Exchange, the American Stock Exchange and other similar securities markets, however, are good examples of perfect competition. The individual securities of a particular firm are totally interchangeable.

Collusion is a secret arrangement between two or more firms to fix prices or share the market. These agreements are usually illegal.

*Public Utilities are privately owned firms that provide an essential public service. They are granted a monopoly because it is felt that competition would be harmful to the public interest.

Trademarks are special designs, names or symbols that identify a product, service or company. Many businesses are naturally interested in growing and controlling as much of a market — or several markets — as possible. One way to accomplish this goal is through a merger.

Mergers fall into three categories: horizontal, vertical, or conglomerate.

The combination (or «integrating») of two or more com­panies engaged in the same business is a horizontal mer­ger. The combination of two or more book publishing firms would be an example of a horizontal merger or horizontal integration.

A conglomerate merger combines two or more unrelated businesses under a single management (pp. 87—94).