Barriers to entry, cartel, dominant-firm oligopoly, economies of scale, monopolistic competition, monopoly, monopsony, natural monopoly, oligopoly, perfect competition

1………..exists when products are homogeneous, and there are a great many firms too small to have any influence on the market price, and firms can easily enter and exist the industry.

2. A………is a market in a particular product in which a single producer can fix an artificial price.

3.……….is the situation in which there is only one buyer.

4.A…….is an industry in which the efficient existence of more than one producer is impossible; examples include public utilities such as water, gas and electricity, where it would be inefficient to have several competing companies laying their own networks of pipes or cables.

5.………exists when many producers of slightly differentiated products are able to sell them at well above their marginal cost.

6.An……….is a concentrated market dominated by a few large suppliers. This is very frequent in manufacturing because of economies of scale and the cost barriers of entering an industry.

7………….are factors which cause the average cost of producing something to fall as output increases.

8. ………..are economic or technical factors that make it difficult or impossible for firms to enter a market or compete with existing suppliers.

9. A…………..is one in which a market leader can indicate its preferred price to smaller competitors.

10. A…………is a group of producers or sellers who fix prices and quantities in order to avoid competition and increase profits. This is illegal in many countries, most notably the USA.

VI. We generally describe the economy as consisting of three sectors:

- the primary sector: agriculture, and the extraction of raw materials from the earth;

- the secondary sector: manufacturing industry, in which raw materials are turned into finished products (although of course many of the people working for manufacturing companies do not actually make anything, but provide a service – administration, law, finance, marketing, selling, computing, personnel, and so on);

- the tertiary sector: the commercial services that help industry produce and distribute goods to the final consumers, as well as activities such as education, health care, leisure, tourism, and so on.

Classify the 18 activities from the passage according to which sector they belong to:

1. advertising products	2. assembling
3. building	4. cutting metal
5. calculating prices	6. digging iron ore
7. distributing added value	8. laying cables
9. maintenance	10. marketing products
11. mining coal	12. milling metal
13. packaging products	14. pressing metal
15. pumping oil	16. smelting iron
17. transportation	18. welding metal

primary	secondary	tertiary

VII. Translate into English:

1. Чтобы основать свое дело, необходимо привлечь инвесторов, для чего нужно составить бизнес-план, в котором указать финансовую отчетность и прогнозы, возможные доходы и необходимый оборотный капитал. Это нужно для того, чтобы получить согласие предпринимателя инвестировать в вашу фирму.

2. Не забудьте также о возможных проблемах, таких как снижение спроса, что может привести к убыткам в бизнесе.

3. При учреждении новой фирмы необходимо решить, будет ли это товарищество, единоличная корпорация или компания с ограниченной ответственностью.

4. Так же необходимо определить, в каком экономическом секторе (первичном, вторичном или третичном) будет действовать ваше предприятие.

5. Владелец бизнеса должен учитывать пожелание акционеров получить как можно большую прибыль.

6. В случае недолжного управления компанией менеджмент может быть заменен на ежегодном собрании акционеров.

7. Правительственные постановления запрещают различные монополистические объединения предпринимателей. Такие как картели и олигополии, монополии и монопсонии, однако существуют естественные монополии, деятельность которых регулируется государством.

Text B