Market structure

I’m so glad to see all of you here today and listening my speech. Hope you will enjoy it. If you have some questions during the speech, I’m glad to answer them at the end.

Today I’ll speak about very actual topic for all of us which is called market structure. I would like to speak about the role of market structure in the modern economics, it’s gradation and everything that is connected with my topic.

The concept of market structure is central to both economics and marketing. Both disciplines are concerned with strategic decision making. In decision-making analysis, market structure has an important role through its impact(воздействие) on the decision-making environment.

In economics, markets are classified according to the structure of the industry serving the market. Industry structure is categorized on the basis of market structure variables(изменения) which are believed to determine [di’tə: мин](определ, установ) the extent [ik’stent](рамки,степень), and characteristics of competition. Those variables which have received the most attention are number of buyers and sellers, extent of product substitutability[ˈsʌbstitju:t](замена), costs, ease of entry and exit, and the extent of mutual interdependence(взаимозависимость). In the traditional framework, these structural variables are distilled [di’stilld] into the following taxonomy(систематика) of market structures: Perfect Competition(свободная)--many sellers of a standardized [ˈstændədaiz] product, Monopolistic Competition--many sellers of a differentiated [,dif(ə)’ren(t) ʃieit] product, Oligopoly--few sellers of a standardized or a differentiated product and Monopoly--a single seller of a product for which there is no close substitute. There is one more popular gradation which includes also, besides foregoing [fɔ:’gəuiŋ](вышеупомянутый) parts, Duopoly [ˌdju’ɔp(ə)li](монополия двух конкурирующих компаний

) - a special case of an oligopoly with two firms, Oligopsony - a market, where many sellers can be present but meet only a few buyers, Natural monopoly - a monopoly in which economies of scale cause efficiency to increase continuously with the size of the firm. A firm is a natural monopoly if it is able to serve(обсдуживать) the entire [in’taiə](весь) market demand [di’mɑ:nd](требует) at a lower cost than any combination of two or more smaller, more specialized firms, Monopsony -when there is only one buyer in a market.

The imperfectly competitive structure is quite identical [ai’dentik(ə)l] to the realistic market conditions, from my own opinion, where some monopolistic competitors, monopolists, oligopolists, and duopolists exist and dominate the market conditions. All things I mentioned above can help to determine some but not all details of a specific concrete market system where buyers and sellers actually meet and commit to trade. Competition is useful because it reveals[ri’vi: l] (показыв,разоблачает) actual customer demand and induces the seller (operator) to provide service quality levels and price levels that buyers (customers) want, typically subject to the seller’s financial need to cover its costs. In other words, competition can align [ə’lain] (выравнивать)the seller’s interests with the buyer’s interests and can cause the seller to reveal his true costs and other private information. In the absence(отсутствие) of perfect competition, three basic approaches can be adopted to deal with problems related to the control of market power and an asymmetry between the government and the operator with respect to objectives and information: (a) subjecting the operator to competitive pressures [ˈpreʃə](давление), (b) gathering information on the operator and the market, and (c) applying(приминение) incentive(стимулирующ) regulation.

At the end of my work I would like to reset the main points of my speech………

I sincerely hope that everyone who is sitting in this room today has taken some important knowledge from my speech and will use it in the future life.

Thank you all for being here today. If you have some questions, I will be happy to answer them.

Law

Since colonial [kə'ləʊnjəl] times, government has regulated business. The need for more responsive and effective [iˈfektiv] business regulation was at least part of the reason for the fight for independence [‚ɪndɪ'pendəns] and the establishment of the federal government. The legal framework of federal, state, and local governments govern business activities,and business law has an important role in the private enterprise system. A law is a standard set by government and society [sə’saiəti] in the form of either [' aɪðə] legislation(закон-во) or custom to govern the behavior of its members. Law is a system of rules, usually enforced(принуждающ,заставляющ) through a set of institutions. It shapes politics, economics and society in numerous ˈnju: ways and serves as a primary social mediator(посредник) of relations between people. Laws are written specifically to affect sole proprietorships[prə’praiətəʃip], (ндив.предприн), partnerships and corporations differently. The laws affect nearly all facets['fæsɪt](аспекты) of business, including business ownership forms, small business, human resource management, labor management relations, marketing, production and operations management, computers and information systems, accounting, banking, financial management, securities markets, international management, business transactions, competitive practices, and the environment.

Everyone engaged in business has an obligation to know those laws that specifically a ' ffect business. The following discussions will center on the following twelve apostles of business law: contract law; sales law; the Uniform Commercial Code(торг.кодекс); negotiable[ni’gəuʃiəbl] (оборотные) instruments; property law(право собственности); agency law; tort law(деликт,правонарушен); bankruptcy [ˈbæŋkrʌptsi](бонкротство) law; patents, trademarks, and copyrights; and tax law. Bankruptcy law is a protective law that allows debtors to legally ˈ Ли: not pay the

financial obligations that they have incurred[in’kə:rd] (подвергаться). A trademark is a registered [ˈreʤistəd] logo that consists of words, symbols, or other designations used by businesses to distinguish [dis’tiŋgwiʃ](различ,распозн) their products.(Contract law is the legal foundation on which normal business dealings occur. The elements of a contracts are agreement, consideration, legality æ(законность) and seriousness of the agreement, and the parties' capacity [kə’pæsəti](возможн,потенциал) to make the agreement. Sales law is an offspring(рез-т,потомок) of contract law. It involves the sale of goods or products for money or on credit. The Uniform Commercial Code (UCC) provides

the basis of much of sales law in the United States. Negotiable [niˈgəuʃiəbl] instruments are forms of commercial paper that are transferable [træn(t)s’fə:rəbl] (перемещаются)among individuals and businesses. Property law is a key feature [ˈFi: ʧə] of the legal system. Property can be divided into two categories: Real Property (Real Estate)(недвижимость) and Personal property(им-во). Personal property is designated [ˈdezigneit](названо) as either tangible [ˈtænʤəbl](веществ,материал,ощутим) personal property or intangible personal property.

Agency law is based primarily on common-law principles[' prɪnsəpl]. Agency is a relationship in which two parties (the principal and the agent) agree that one will act to representative [ˌrepri’zentətiv](представитель,уполномоч) of the other. The principal in any agency relationship is responsible for the actions of the agent. Tort law deals with compensating [‘kɔmpenseit] injured [ˈinʤəd](обиженный) persons through noncriminal wrongs. It is closely related to the law of agency. The three major areas of this law are intentional tort(преднамеренный), negligence [ˈnegliʤən (t)s](халатность), and product liability.) [ˌlaiə’biləti](ответственность)

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