Translate the sentences from Ukrainian into English. 1. Ринковий попит-це загальний попит на товар у суспільстві

1. Ринковий попит-це загальний попит на товар у суспільстві.

2. Не усі партнери у справі повинні приймати активну участь в управлінні фірмою.

3. Нелегко розрахувати дохід, витрати і прибуток для великого підприємства.

4.Фермер-це людина, яка володіє та управляє фермою.

5. Коли ціна підіймається вище граничних витрат, кожен виробник бажає виробляти ще більше.

6. Навіть при нульовому виробленні, фірма повинна оплачувати деякі розходи.

7. Витрати повинні включати альтернативні витрати усіх ресурсів, які використовуються у виробництві.

7. Insert the proper words into sentences and translate them into Ukrainian:

(opportunity cost, corresponding, profit, owner, to own, to use (2), alternative, expenses, own, marginal costs, marginal revenue)

1. A free market is a market in which buyers and sellers are free of intervention and control and are able to determine the market price ….....to supply and demand.

2. A person is economically free if he can do what he wishes with his …… property, time and effort.

3. A profit maximizing level..... ……has to be equal to ….. ……...

4. The personal sector in a mixed economy is that part of the economy that is …….and controlled by private persons and private businesses.

5. The main aim of all firms is the same: maximize ……though there may be …….aims as well.

6. Unser feudal system the king was the ……. of all land, and his lords could…. his land. The system came to an end when the peasants were paid for their work and paid rent for the land they …….

7. ….. …….is the amount lost by not using the resource (labour or capital) in its best alternative use.

8. Profit is the difference between business income and ……...

SUPPLEMENT

Give the written translation of the text.

Market Structures

Market structure is determined primarily by (1) the number of firms selling in the market; (2) the extent to which the products of different firms in the market are the same or different; (3) the ease with which firms can enter into or exit from the market. Based on these three criteria, economists usually group market structures into four basic categories: (1) pure competition; (2) monopoly; (3) oligopoly; and (4) monopolistic competition. Let us examine each of these market structures.

Pure Competition

The main characteristics of the pure competition are:

1. Many sellers.

2. Standardized product:

3. Easy entry and exit

4. No artificial restrictions:

Monopoly

Monopoly is the extreme opposite of pure competition and has the following characteristics: (1) the market consists of a single seller; (2) the seller sells a product for which there are no close substitutes; (3) there are barriers to entry that prevent competitors from entering the market; and (4) the seller can control the price of his or her product.

Monopoly disadvantages include the following: (1) a monopolist charges a higher price and produces less output than a perfectly competitive firm, (2) resource allocation is inefficient because the monopolist produces less than if competition existed, (3) monopoly produces higher long-run profits than if competition existed, and (4) monopoly transfers income from consumers to producers to a greater degree than under competition.

Oligopoly

Although few industries are controlled by a single firm, main industries in the United States are dominated by a few giant firms. Such a market structure is known as oligopoly, and it is the market structure under which most large corporations operate. Oligopoly has the following characteristics: (1) a few sellers; (2) substantial barriers to entry; (3) standardized or differentiated products; and (4) substantial nonprice competition. Nonprice competition includes advertising, packaging, product development, better quality, and better service. Under imperfect competition, firms may compete using nonprice competition, rather than price competition.

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