Ex 2. Fill in the gaps with the words and expressions from the text. 1. Competition is referred to as a process whereby firms to for their products
1. Competition is referred to as a process whereby firms …… to …… for their products.
2. In the …… run, perfect competition is efficient for the ……, because it ensures that no consumer will …… buying something which he values more than it …… to make.
3. The simple perfect competition model provides a good …… for illuminating the forces …… the real behavior of firms.
4. It is possible for an efficient …… to exist while no …… prevents other firms from competing.
Ex 3. Find in the text the English equivalents for the following:
определить тип рынка; изменение цен; результаты деятельности рынка; непосредственно относиться к; размещение ресурсов; торговать однородной продукцией; никаких препятствий для входа; эффективное производство; реально существующие конкуренты.
Ex 4.Match each term with the appropriate explanation.
perfect competition, free competition, differentiation, monopolistic competition, contestability
1. Making one’s product as different as possible from its competitors by means of brand names, attractive packaging, etc. so that buyers may recognize and buy the product of their choice.
2. The degree of ease with which firms can enter or leave an industry.
3. A state of competition in which the price of a good is the same throughout the market because buyers and sellers have a perfect knowledge of market conditions, there is complete freedom of movement of factors of production from one industry to another, and there are no transport costs.
4. An economy in which there is complete freedom from interference by the state, and in which prices are more according to the forces of supply and demand.
5. That form of competition where sellers can influence buyers or appearance of the goods they produce. (Syn. Imperfect competition)
Ex 5. Answer the questions and do the assignments.
1. What does the notion “competition” signify?
2. Enumerate the features characterizing a perfectly competitive industry. Expand on each.
3. Is perfect competition economically efficient? In what ways?
4. What does contestability theory imply?
5. Show the difference between perfect competition and contestability.
Ex 6.Find in the text above words or phrases that mean:
a. the way in which a market is organized;
b. a type of market structure that is characterized by few firms andmany buyers, homogenous or differentiated products, difficultmarket entry;
c. an element of market conduct that denotes the ways in which suppliers attempt to distinguish their own product from those ofcompetitors;
d. the efficiency of a market in utilizing scarce resources to meetcustomers' demands for goods and services; that is, how well amarket has contributed to the optimization of economic welfare;
e. a policy concerned with promoting the efficient use of economicresources and protecting the interests of consumers;
f. the addition to total revenue from the sale of one extra unit of output;
g. the money value of a unit of a good, service, asset or factor input;
h. the setting of a price for a product which is based upon the marginalcost of producing and distributing it.
Ex 7. Increase your vocabulary.
A. Study the word combinations with the word “competition”. Use them is the sentences of your own.
- to meet competition – выдерживать конкуренцию
- keen competition – острая конкуренция
- animated competition – оживленная конкуренция
- (un)workablecompetition – (не)эффективная конкуренция
- unrestrained competition – неограниченная конкуренция
- to be in competition with somebody - конкурироватьскем-либо
- aggravation of competition – обострениеконкуренции
- beyond competition – вне конкуренции
- intrabranch competition – внутриотраслевая конкуренция
- competitive prices – конкурентные цены
Other adjectives: latent, fierce, cut-throat, (un)fair, free, global, active, actual, predatory, intraindustry, interindustry, (un)healthy.
Verbs: to face, to defy, to win, to eliminate, to meet with, to stand, to sustain, to provoke, to enter in, to avoid.
B. Translate the sentences:
1. В результате обострения конкуренции на рынке мобильной связи цены на услуги операторов упали.
2. Продукция этой фирмы вне конкуренции.
3. В странах с рыночной экономикой компании конкурируют между собой за потребителей и долю рынка.
4. Не всем компаниям удается выдерживать ожесточенную конкуренцию.
5. Войдя на рынок, наша фирма столкнулась с недобросовестной конкуренцией со стороны компаний, производящих подобный товар гораздо более низкого качества.
6. Чтобы избежать конкуренции в своем сегменте рынка, нашей компании пришлось расширить ассортимент продукции.
7. Внутриотраслевая конкуренция привела к заметному понижению цен на продукцию в отрасли.
8. Здоровая конкуренция обычно идет на пользу покупателям: они имеют возможность более широкого выбора товаров по конкурентным ценам.
Writing
Task I. Write a Summary and a Gist of Texts A and B.
Task II. Fill in the tables on different types and forms of competition.
A.
| Type (form) of competition | Participants | Features |
| … | … | … |
B.
| Type (form) of competition | Advantages | Disadvantages |
| … | … | … |
Speaking