Language practice

I. Mind the use of the words: vary, variable, varied, various, variety, variation.

1. Conditions on that market are stable and do not vary very much from year to year. 2. That businessman handles a very varied selection of products, including bananas, toys and cars. 3. The managers of that company hope to increase the variety of products which they offer for sale to the public. 4. There has been little variation in price levels over the last five years. 5. Because prices on that market fluctuate considerably from week to week, we say that they are variable.

II. Complete the blanks.

1. A market is any one of a … of systems whereby parties engage in exchange. 2. For a market to be …, there must be more than a single buyer or seller. 3. … markets rely on much larger numbers of both buyers and sellers. 4. Markets … in form, scale, location and types of participants. 5. A market with single seller and multiple buyers is a … . 6. The … of goods and services for money is a … . 7. Currency markets are used to trade one … for another. 8. Well-functioning markets of a real world are never … . 9. The largest, most active and best organized markets were … in western Europe. 10. States always … important basic commodities.

III. Match the verbs from (a) with the nouns from (b):

a) to expand, to develop, to resell, to remove, to issue, to list, to possess, to meet, to submit;

b) barriers, securities, stocks, trading, shares, infrastructure, standards, capital, documents

IV. Say whether these statements are true or false, and if they are false say why.

1. For a market to be competitive, there must be only one seller. 2. Markets are the same in types of participations. 3. The exchange of goods and services for money is a transaction. 4. The market facilitates trade. 5. Historically, markets originated in physical marketplaces. 6. There is only one type of market in real life – a perfect market. 7. Financial markets facilitate the exchange of liquid assets. 8. Currency markets are used to trade goods and services. 9. Stock markets are the means through which the exchange of services is organized. 10. The largest, most active and best organized markets were established in Australia. 11. The rapid development of communications allowed stock exchanges to attract orders more easily. 12. Well-functioning markets of a real world are always perfect.

V. Answer these questions.

1. What was a market originally? 2. What is a modern market? 3. What condition is necessary for a market to be competitive? 4. What do competitive markets rely on? 5. What situation is called a monopoly? 6. What is the difference between monopoly and monopsony? 7. How do markets vary? 8. What examples of different markets are given in the text? 9. What does market in mainstream economics allow? 10. How many roles are there in markets? 11. What is the main goal of a market? 12. What defines markets? 13. What is the role of financial markets? 14. What contributed to the emergence and growth of stock exchanges? 15. Where were best organized stock markets established? 16. What part do stock exchanges play in the financial systems of advanced countries? 17. What dominant stock exchanges do you know? 18. Is there stock exchange in Belarus?

Unit 7

FAIR

Word list

Fair – ярмарка; to display – демонстрировать; entertainment – развлечение; essence – сущность; temporary – временный; last – продолжаться; publisher – издатель; showcase – демонстрировать; attendee – посетитель; county – графство; exhibition – выставка; flea market – блошиный рынок; dedicate – посвящать (отводить); hold – проводить; in conjunction – в связи с; significant – важный; intermission – чередование; pleading – выступление; wholesale trader – оптовый торговец; be tied to – быть связанным; wares – изделия; товары; feast – праздник; patron – покровитель; saint – святой; examine – изучать; trend – уклон, направленность; attend – посещать, присутствовать; attract – привлекать; identify – привлекать, узнавать; appropriate – подходящий, соответствующий; medieval – средневековый; reflect – отражать; free – бесплатный; charge – взимать; toll – пошлина; imposition – налог (плата); to exempt – освобождать; inland – удаленный от моря; involve – привлекать; promotional – рекламный; incur – включать, брать на себя; complete – полный; due to – из-за (благодаря).

Text study

A fair or fayre (common British spelling) is a gathering of people to display to parade or display animals and often to enjoy associated carnival or funfair entertainment. It is normally of the essence of a fair that it is temporary; some last only an afternoon while others may ten weeks. Activities at fairs vary widely. Some trade fairs are important regular business events where either products are traded between businesspeople, as at the Frankfurt Book Fair, where publishers sell books rights in other markets to other publishers, or where products are showcased to largely consumer attendees, as for example in agricultural districts where they present opportunities to display and demonstrate the latest machinery on the market to farmers.

Fairs are also known by many different names around the world, such as agricultural show, county fair, exhibition or state fair, festival, market and show. Flea markets and auto shows are sometimes incorporated into a fair.

The fair is an ancient tradition, and many communities have long had dedicated fairgrounds; others hold them in a variety of public places, including streets and town squares, or even in large private gardens. Fairs are often held in conjunction with a significant event, such as the anniversary of a local historical event, a seasonal event such as harvest time, or with a holiday such as Christmas.

In Roman times, fairs were holidays on which there was an intermission of labour and pleadings. In the Middle Ages many fairs developed as temporary markets, and were especially important for long-distance and international trade, as wholesale traders travelled, sometimes for many days, for pre-arranged fairs where they could be sure to meet those they needed to buy from or sell to. They were usually tied to a special Christian religious occasion (particularly the anniversary dedication of a church). Tradesmen would bring and sell their wares, even in the churchyards. Such fairs might then continue annually, usually on the feast day of the patron saint to whom the church was dedicated. This custom was kept up until the reign of Henry VI, by which time there were a great many fairs kept on these patronal festivals, for example at Westminster on St. Peter's day, at Smithfield on St. Bartholomew's (the famous Bartholomew Fair, celebrated in Ben Jonson's play of the same name) and at Durham on St. Cuthbert's day. The Kumbh Mela, held every twelve years, at Allahabad, Haridwar, Nashik and Ujjain is one of the largest fairs in India, where over 60 million people gathered in January 2001, making it the largest gathering anywhere in the world. In the United States, fairs draw in as many as 150 million people each summer.

Some fairs were free; others charged tolls and impositions. At free fairs, traders, whether natives of the kingdom or foreigners, were allowed to enter the kingdom, and were under royal protection while travelling to and returning from the fair. The traders, their agents, and their goods were exempt from all duties and impositions, tolls and servitudes; merchants going to or coming from the fair could not be arrested, or have their goods stopped.

Such fairs (especially those of the Mediterranean region and some inland regions, particularly Germany), were extremely important in the commerce of Europe.

A trade fair (trade show, trade exhibition or expo) is an exhibition organized so that companies in a specific industry can showcase and demonstrate their latest products, service, study activities of rivals and examine recent market trends and opportunities. In contrast to consumer fairs, only some trade fairs are open to the public, while others can only be attended by company representatives (members of the trade, e.g. professionals) and members of the press, therefore trade shows are classified as either “Public” or “Trade Only”. A few fairs are hybrids of the two; one example is the Frankfurt Book Fair, which is trade-only for its first three days and open to the general public on its final two days. They are held on a continuing basis in virtually all markets and normally attract companies from around the globe. For example, in the U.S. there are currently over 2500 trade shows held every year, and several online directories have been established to help organizers, attendees, and marketers identify appropriate events.

Modern trade fairs follow in the tradition of trade fairs established in late medieval Europe, in the era of merchant capitalism. In this era, producers and craft producers visited towns for trading fairs, to sell and showcase products. From the late eighteenth century, Industrial Exhibitions in Europe and North America became more common reflecting the technological dynamism of the industrial revolution.

Trade fairs often involve a considerable marketing investment by participating companies. Costs include space rental, design and construction of trade show displays, telecommunications and networking, travel, accommodations, and promotional literature and items to give to attendees. In addition, costs are incurred at the show for services such as electrical, booth cleaning, internet services. Consequently, cities often promote trade shows as a means of economic development.

Exhibitors attending the event are required to use an exhibitor manual or online exhibitor manual to order their required services and complete any necessary paperwork such as health and safety declarations. An increasing number of trade fairs are happening online, and these events are called virtual tradeshows. They are increasing in popularity due to their relatively low cost and because there is no need to travel whether you are attending or exhibiting.