1 pure monopoly   A a company with the power to set prices in the market

2 natural monopoly В when a company buys a competitor

3 legal monopoly   С when only one company supplies to the market

4 horizontal takeover D when a company buys a supplier

5 vertical takeover E when a monopoly occurs due to economies of scale

6 price maker         F when a monopoly occurs due to government control

ВАРИАНТ 4

The labour market

In many ways the relationship between employers and workers is similar to the relationship between consumers and producers: workers offer a service (the labour they provide), employers buy that service at a price they can afford (the wages they pay). As you can see, it's a kind of market. In economics, it's called the labour market.

In any market for products and services, consumers try to get the maximum utility, or satisfaction, from their purchase. This is the same in the labour market. What do companies want from their purchase of labour? What utility do they get? The answer is increased output. Output is how much of the product or service the company produces. If there is an increase in demand for their product, they will need to increase output. One way to do this (but not the only way) is to take on more staff. Another is to ask staff they already have to work more hours. In both cases, the company is buying more labour.

Just like any other market, the labour market obeys the laws of supply and demand. The demand is the employers' need for labour. Supply is the labour workers provide. Just like any other commodity, there is a relationship between price and demand. As the price of labour increases, the demand decreases. You can see this shown in figure 1.

The suppliers in the labour market are workers. Just like suppliers in other markets, they want a higher price for greater supply. In other words, as supply of labour increases, they want higher wages. Again, you can see this shown in figure 1. The wage that workers get for their labour is a compromise between what they want and what companies will pay. This is the point where the lines cross in figure 1.

However, there can be shifts in demand. These shifts can cause the overall demand for labour to increase or decrease at any wage rate. For example, if there is an increase in the demand for the end product or service, there will be an overall increase in demand for labour (the demand curve shifts to the right). However, if new technology can replace workers, then there will be an overall decrease in demand for labour (the demand curve shifts to the left).

One more thing which affects demand for labour is workers' productivity. The productivity of a worker is how much they produce in a certain time. For example, imagine that a worker makes ten pencils an hour one day, and only eight pencils an hour the next day. This is a fall in productivity. When worker productivity falls, companies will pay less for labour. They are also less likely to employ new workers.

Переведите на английский язык:

1.    Рынок, где работодатели приобретают услуги рабочих за заработную плату, называется рынком труда.

2.    Увеличение выпуска продукции — это та полезность, которую получают работодатели от приобретения труда.

3.    Любой рынок, включая рынок труда, подчиняется закону спроса и предложения.

4.    Кривая спроса на труд может сдвигаться право, если спрос увеличивается, например, в результате роста производства, или влево, если спрос уменьшается из-за внедрения какой-либо новой технологии, которая может заменить рабочих.

5.    Один из компромиссов, на который мы идём в нашей жизни, — это поиск правильного соотношения между рабочим временем и временем отдыха.

6.    Природные ограничения, такие как сон и отдых, сокращают возможное количество рабочих часов. Нам нужно время, чтобы отключиться от работы, что также укорачивает рабочее время.

7.    При росте почасовой оплаты люди хотят работать больше — это называется эффект замещения. Но этот эффект также имеет предел.

The labour market

1. Match the words with the definitions.

1. take on               A employees

2. obey                              B satisfaction or usefulness

3. utility                 C be able to buy

4. output                D follow

5. compromise E amount produced in a certain time

6. productivity                  F employ more staff

7. afford                G both sides give up something in order to agree

8. staff                   H what a company produces