- представить информацию о - provide information on
- давать оценку - assess, estimate, evaluate
- проанализировать характер - examine/analyse the nature and
и истоки чего - либо origins of
1. Find the most suitable Russian equivalents for the following English word-combinations
To present an approach to the analysis; to give a detailed analysis; to provide a satisfactory theoretical foundation; to develop a model of; to offer a historical overview; to address the question of; to provide a unique study of; to be a theoretical investigation of; to present a model of; to construct a variety of; the paper by two eminent economists; to be of interest to scholars and students of economics
Информация 4. Познакомьтесь с образцом аннотации
MONEY AND THE ECONOMY
Issues in Monetary Analysis
Karl Brunner and Allan H. Meltzer Carnegie-MeUon
University
This volume, by two eminent monetarist economists, offers a unique perspective on a key issue of monetary economics: the effect of money on output. Karl Brunner and Allan Meltzer address the theoretical aspects of this issue with the purpose of understanding their policy implications. They offer an historical overview of the relationship between money and output, and then go on to present a model of a monetary economy before examining the real sector. The theme of the final lecture is uncertainty and the costs of acquiring information.
Cliches:
the volume by two eminent monetarist economists;
this volume offers a unique perspective on a key issue of;
the author addresses the theoretical aspects of the issue;
the authors offer a historical overview of;
the authors present a model of ( a monetary economy).
Лексический материал (part 1)
1. Выучите следующие слова
to trade property rights – обменивать права на собственность
competitive equilibrium – равновесие конкуренции
outcome – исход, результат
initial endowments of commodities – первоначальный вклад в
товары
relevant – соответствующий, релевантный
inevitable – неизбежный
respond – ответ
hazard – опасность
quantities of goods offered – объемы (количество)
предлагаемых товаров
to exist – существовать
infinitely elastic – бесконечно эластичный
acquisition – приобретение
to improve – улучшать
hence – следовательно
voluntary exchange – добровольный обмен
to compel – вынуждать
constant – постоянный
to regard as – рассматривать как (в качестве)
tentative – предварительный
unique – уникальный, исключительный
core of a market – основа экономики
Текст А
1. Прочтите и переведите текст
Competition refers to the nature of the conditions under which individuals may trade property rights. It assumes a definition of property rights that individuals may trade among themselves as well as a description of the trading process. A competitive equilibrium is the outcome of competition. The very existence of such an equilibrium depends on the nature of the property rights. These aspects of competition are especially important in connection with the development of new technology and new products and with the use of low-cost, large-scale methods of production and distribution.
The simplest situation in an analysis of competition is a market where individuals have initial endowments of commodities that they own and that they may trade among themselves. All trades occur at the same time and place. The essential characteristics remain valid when trades do not all occur at the same time and place. However, individuals would have incomplete knowledge relevant for their decisions. This complication changes the nature of the outcome of competition. Incomplete knowledge is inevitable partly because the future is unknown. Even so, it is often less costly to take current actions that will have future consequences without knowing that these will be than to respond only to momentary events of the present, the advantages of planning and the resulting exposure to hazards that may occur alter the effects of competition.
These basic considerations help explain the nature of production and why the quantities of goods offered will change over time in response to the expectations and information firms have. They also explain why some common notions about competition are inadequate. Among the inadequate notions about competition is the belief that a necessary condition for competition is a lack of power by any firm to affect the prices of its products. Sometimes this is put in another form, that competition can exist in an industry only if the demand curves facing the individual firms in that industry are infinitely elastic so that changes in the quantities sold by a single firm cannot affect the product price. This condition is not necessary for competition. Nor is it necessary for competition that the number of firms be so large that each one is of negligibly small size relative to the total market for the commodities made by firms in the industry. Finally, it may be consistent with competition that some or all firms in an industry have obtained very high profit rates.
Pure Exchange
Assume there is a market where there are individuals, each of whom starts with given amounts of various commodities. Each one would like to make trades that will result in the acquisition of goods preferred to those goods to be exchanged. The theory assumes that for each trader the purpose of trade is to improve the trader's position. Hence, the trader would not willingly leave the market with a bundle of goods worth less than his or her initial holdings. The theory also assumes that each trader owns the commodities to be traded, that they can be traded on terms that are mutually acceptable to the parties directly involved in an exchange, and that each trader may accept or reject the terms offered. Underlying the possibility of exchange is the existence of property rights in the goods. Competition requires voluntary exchange so that no trader is compelled to accept or reject offers without freely given consent. The very notion of exchange implies, therefore, a voluntary agreement among those who are directly involved in the transaction on the terms that each one willingly accepts.
In pure exchange, although the total quantities of the commodities exchanged among the parties is constant, each one must regard the obtained goods as worth more than the exchanged goods. If the parties can reach agreement on mutually beneficial terms of exchange, the result is an allocation of the commodities among the individuals that must make at least one of them better off than before and cannot make anyone worse off than before.
The theory assumes that no individual accepts terms that would leave that individual in a worse position than if no trades at all were made. The existence of a state of competition in pure exchange allows the participants to seek the best terms that they can obtain from the others. Competition does not requires the presence of a very large number of traders nor does it require that each of the individual traders in the market must be of such a small relative size that none can affect the terms of trade. Traders can make tentative agreements with each other subject to the condition that these agreements become binding only if none can obtain better terms from others. The final outcome is a set of exchanges among the traders such that no individual or group of individuals can obtain better terms. The set of outcomes with these attributes need not be unique. All possible outcomes with these attributes represent the state of competition. The set of all possible trades that can satisfy these conditions is known as the core of a market. Therefore, the set of trades induced by competition in a market is in the core of a market.
Материал для обсуждения
1. Answer the following questions for general understanding
1. What is competition?
2. What is a competitive equilibrium?
3. What is the simpliest situation in an analysis of competition?
4. What, according to the text, are the basic considerations of the competition and
what do they explain?
5. What are the «inadeqate» notions about competition?
6. What does the competition require?
7. What are the features of pure exchange?
2. Read each statement given and decide which of the following is not true
a) Competition refers to both the trade of property rights and the description of the trading process.
b) A competitive equilibrium is the result of cmpetition.
c) Goods are infinetely elastic when the damand for them is elastic.
d) Some or all firms may have high profits under competition.
e) Competition is only possible when people arewilling to exchange commodities.
f) In pure exchange each participant exchanges bad goods for better ones.
g) Core market is the set of all possible trades that can satisfy these conditions.
3. Define the following terms in English
a) competiotion;
b) property rights;
c) competitive equilibrium;
d) infinitely elastic demand curves;
e) pure exchange;
f) individual trader;
g) description.
4. Translate into Russian
a) Competition refers to the nature of the conditions under which individuals may trade property rights.
b) The very existence of such an equilibrium depends on the nature of the property rights.
c) The essential characteristics remain valid when trades do not all occur at the same time and place.
d) The theory assumes that for each trader the purpose of trade is to improve the trader's position.
e) Underlying the possibility of exchange is the existence of property rights in the goods.
f) Traders can make tentative agreements with each other.
5. Discuss the following questions
l) Under what circumstances competition is impossible? 2) Under what circumstances is pure exchange possible? 3) Do you think that competition stimulates the production of better goods? What role does advertising play in competition?
6. Write a summary of the text A
Лексический материал (part 2)
1. Запомните следующие слова и выражения
bilateral monopoly – двусторонняя монополия
degree – степень
aside from – в стороне от
nonprofit – некоммерческий
«natural» monopoly – естественная монополия
efficient – эффективный
precise – точный
to conclude – заключать
entry – вход, вступление
limiting cases – ограничивающие случаи
antithesis – антитезис, противоположность
to establish – учреждать, устанавливать
economic policymakers – стратеги экономики
to impede – затруднять
to grant – выдавать
superior – превосходящий
insurmountable – непреодолимый
domination – преобладание, доминирование
competitive pressures – конкурентное давление
Текст В
1. Прочтите и переведите текст
MONOPOLY
Monopoly is a market structure with only a single seller of a commodity or service dealing with a large number of buyers. When, a single seller faces a single buyer, that situation is known as bilateral monopoly.
The most important features of market structure are those which influence the nature of competition and price determination. The key element in this segment of market organization is the degree of seller concentration, or the number and size distributions of the sellers. There is monopoly when there is only one seller in an industry, and there is competition when there are many sellers in an industry. In cases of an intermediate number of sellers, that is, something between monopoly and competition, there can be two sellers (duopoly), a few sellers (oligopoly), or many sellers (atomistic competition).
Today the term monopoly is usually extended to include any group of firms which act together to fix prices or levels of production. Complete control of all output is not necessary to exercise monopoly power. Any combination of firms which controls at least 80 percent of an industry's production can dictate the prices of the remaining 20 percent Aside from private monopolies, there are public monopolies. One example of a public monopoly in the United States is the nonprofit postal service. There is also the «natural» monopoly, which exists when it is more efficient, technically, to have a single seller.
Although the precise definition of monopoly – a market structure with only a single seller of a commodity or service – cannot he applied directly to a labor union because a union is not a seller of services, labor unions have monopolistic characteristics. For example, when a union concludes a wage settlement which sets wage rates at a level higher than that acceptable to unorganized workers, the union clearly contributes to monopolistic wage results. In effect, the price of labor (wages) is set without regard to the available supply of labor.
Monopolies versus Competition
Pure monopoly is a theoretical market structure where there is only one seller of a commodity or service, where entry into the industry is closed to potential competitors, and where the seller has complete control over the quantity of goods offered for sale and the price at which goods are sold. Pure monopoly is one of two limiting cases used in the analysis of market structure. The other is pure competition, a situation in which there are many sellers who can influence neither the total quantity of a commodity or service offered for sale nor its selling price. Hence, monopoly is the exact antithesis of competition. It is generally agreed that neither of these two limiting cases is to be found among existing market structures.
The monopolist establishes market position by ability to control absolutely the supply of a product or service offered for sale and the related ability to set price. Theoretically profit maximization is the primary objective, and it is often possible to achieve this by restricting output and the quantity of goods offered for sale. Levels of output are held below the quantity that would be produced in a competitive situation. Hence, monopoly is of interest to economic policymakers because it may impede the most efficient possible allocation of a nation's economic resources.
Monopolies held by individuals or organizations may begin by the granting of a patent or a copyright, by the possession of a superior skill or talent, or by the ownership of strategic capital. The huge capital investment necessary to organize a firm in some industries raises an almost insurmountable barrier to entry in these monopolistic fields and, thus, provides established corporations in these industries with potential monopoly power.
The use of such monopoly power may lead to the development of substitute products, to an attempt at entry into monopolistic fields by new firms (if profits are high enough), or to public prosecution or regulation. The antitrust policy of the federal government has prevented the domination of an industry by one firm or even a few firms. Moreover, with the growth of international trade and investment, it is no longer possible to determine whether an effective monopoly exists by studying market shares. The recent competitive pressures from Japanese sellers of autos and electronic products have resulted in more competition and less monopoly power on the part of U.S. manufacturers. Thus, the trend during the last 40 years or so in the United States has been away from monopolies in many industries and toward oligopolies.
Материал для обсуждения
1. Answer the following questions for general understanding
l) What is a monopoly, duopoly, oligopoly, atomistic competition?
2) What is a bilateral monopoly?
3) Is full control necessary for the monopoly?
4) What is an example of a public monopoly?
5) What is a «natural» monopoly?
6) What are the two «limiting cases» used in the analysis of market structures?
7) How do the monopolies begin?
2. Read the statements given and decide which of the following are not false
a) When two buyers meet two sellers it is called bilateral monopoly.
b) The degree of sellers concentration is the number and size distributions of monopolists.
c) Any group of firms which act together to fix prices or levels of production is a monopoly.
d) Monopoly is a 100% different thing than competition