Size parameters

Market size can be given in terms of the number of buyers and sellers in a particular market or in terms of the total exchange of money in the market, generally annually (per year). When given in terms of money, market size is often termed market value, but in a distinguished sense than the market value of individual products. For one and the same goods, there may be different (and generally increasing) market values at the production level, the wholesale level and the retail level. For example, the value of the global illicit drug market for the year 2003 was estimated by the United Nations to be US$13 billion at the production level, $94 billion at the wholesale level (taking seizures into account), and US$322 billion at the retail level (based on retail prices and taking seizures and other losses into account).

A-Z

Vocabulary Study

6. Study the following words and phrases:

whereby	посредством, при помощи
parties	стороны (участники)
rely on	полагаться, опираться, рассчитывать
labour	труд
multiple	множественный
monopsony	монопсония, монополия покупателя (рыночная структура, характеризующаяся наличием на рынке только одного покупателя товара, услуги или ресурса, что обеспечивает покупателю возможность влиять на уровень цен)
imperfect competition	несовершенная конкуренция
scale	размер, масштаб, размах
participant	участник
retail market	розничный рынок
parking lots	место стоянки автотранспорта
ad hoс	спонтанный, произвольный
intermediate goods	промежуточная продукция, подсобные материалы, полуфабрикаты
commodity market	товарный рынок
stock market	фондовая биржа
artificial	искусственный
derivative	производный (финансовый) инструмент, дериватив
design	придумывать, разрабатывать
ameliorate	улучшать(ся)
externalities	внешние эффекты, экстерналии (положительные или отрицательные побочные последствия производства или потребления, осуществляемого субъектом/субъектами, напрямую затрагивающие другого субъекта/субъектов)
pollution	загрязнение (внешней среды)
carbon	уголь, углерод
illegal	незаконный, нелегальный; запрещенный
illicit drugs	запрещённый наркотик
mainstream	господствующая тенденция, представляющий большинство
transaction	сделка, транзакция
give rise to	вызывать, иметь результаты
concerning	касающийся, затрагивающий
supply and demand	спрос и предложение
facilitate	облегчать; содействовать
allocation	распределение (средств, ресурсов); размещение
item	отдельный предмет (в списке и т. п.)
evaluate	оценивать; составлять мнение
deliberately	осознанно, обдуманно
interaction	взаимодействие
cf. (от confer)	сравни
ownership	собственность; имущество
originate	брать начало, возникать
run	действовать, работать
laissez-faire policy	политика невмешательства
attempt	попытка
intervene	вмешиваться
subsidy	субсидия, дотация
price ceiling	потолок цен
distort	искажать; деформировать
adverse	неблагоприятный, вредный
welfare	благосостояние
outcome	итог, последствие, результат
markedly	заметно; явно
meet equilibrium	соблюдать баланс
experience	испытывать, претерпевать
approximate	приближать(ся)
access	доступ
proponent	защитник, сторонник
trade union	профсоюз
accuse	обвинять (кого-л.; of - в чем-л.)
acceptable	приемлемый; допустимый
in terms of numbers	в количественных показателях
distinguish	проводить различие, различать
wholesale	оптовая торговля
seizure	захват, взятие силой
loss	утрата, потеря

Lexis

7. Choose the correct alternative to complete each sentence:

1. In many markets there is a firm with a much larger market share than its competitors, called a ….

a. market leader

b. monopolist

c. multinational

2. A company that is number two in an industry, but which would like to become number one – think of Pepsi vs. Coke, Reebok vs. Nike, Avis vs. Hertz – is known as a ….

a. market challenger

b. market competitor

c. market follower

3. A smaller company in an industry, more or less content with its existing market share, is called a ….

a. market challenger

b. market follower

c. market sharer

4. Small, specialized companies, which target segments within segments, are called ….

a. market failures

b. market followers

c. market nichers

5. A market in which one single producer can fix an artificially high price is called a/an ….

a. homogeneous market

b. monopoly

c. undifferentiated market

6. A situation in which the market leader can determine the price that its competitors can charge is called a ….

a. dominant-firm oligopoly

b. market failure

c. monopoly

7. A market in which it is normal to have only one supplier – e.g. utilities such as water and sewage, gas, electricity – is called a ….

a. conglomerate

b. natural monopoly

c. pure monopoly

8. a) Add the word market either before or after each of the words below:

HELP: There are a large number of two-word nouns in English including the word market. In the field of marketing, the word market usually, but not always, comes first (e.g. market share). In the fields of economics and finance, the word market usually, but not always, comes second (e.g. stock market).

bear	over-the-counter
bull	penetration
buyer’s	perfect
capital	price
capitalization	primary
challenger	property
commodity	research
follower	secondary
forces	securities
forward	segment
free	seller’s
futures	share
labour	skimming
leader	spot
maker	stock
money	value

10. Match the words with their definitions:

1. laissez-faire policy 2. monopsony 3. labour 4. proponent 5. participant 6. supply 7. equilibrium 8. stock 9. item

a. an amount of it which someone has or which is available for them to use b. a market form in which only one buyer faces many sellers c. used to refer to the workers of a country or industry, considered as a group. d. the people who take part in an activity e. a balance between several different influences or aspects of a situation f. a person actively supporting a particular idea or a course of action g. shares in the ownership of a company h. when transactions between private parties are free from state intervention, including regulations, taxes, etc. i. a single thing, especially part of a list, group, or set

11. Fill in the gaps with the words and expressions from Ex. 10:

1. Latin America lacked skilled ….

2. 40 of the course … are offered employment with the company.

3. Stocks seesawed ever lower until prices found some new level of ….

4. The most valuable … on show will be a Picasso drawing.

5. … are shares investments on which a fixed amount of interest will be paid.

6. He is one of the leading … of government regulation of the national economy.

7. A free market policy with prices determined by supply and demand is called ….

8. In free market economy, prices are determined by the interaction of the forces of … and demand.

9. An example of imperfect competition, a market form in which only on buyer faces many sellers is ….