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Pure competition vs. monopoly

This unit explores the fundamental differences between pure competition and monopoly in economics. It highlights essential vocabulary, including terms like output, consumer behavior, market entry and exit, and collusion. Key concepts such as the degree of substitutability, advantages versus disadvantages, regulation, and market influence are discussed. By examining these terms and their applications, learners will gain a deeper understanding of how these market structures function and their implications for consumers and businesses alike.

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Pure competition vs. monopoly

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  1. Pure competition vs. monopoly Unit 7

  2. Vocabulary 1 • pure=clean • competitive • portion=part, fragment • output • single=one, individual • have an influence ON sth.= influence sth. • condition=term, circumstance • characterise • homogeneous=uniform, same • sell-sold-sold • identical • nearly=almost • perfectly (adv.) • be substitutable for sth.=be interchangeable • advertise • advantages vs. disadvantages • distinguish=differentiate • consumer • competing

  3. Vocabulary 2 • independent of sth. • exist • assumption= premise, presupposition • rule out= eliminate, rid of, reject • collusion= a secret agreement btw. Two or more parties for a deceitful purpose • affect sth.=influence • ensure=secure • commodity=good • relative to=in proportion to • perceptible=noticeable • barrier=obstacle • entry vs. exit • feature=characteristic • essential=basic • raw material • regulation • behaviour=demeanour • equal • access=approach

  4. Vocabulary 3 • basis (sing.) –bases (pl.) • the basis for sth.=the grounds for sth. • prevail=dominate • v. act • in fact=actually • in turn • extreme • amount • therefore=thus=hence • seek-sought-sought= search • maximise=increase • be composed of sth. • refer to sth. as… • rare=uncommon • monarch=king • grant=give a favour or a right • individual • a variety of sth.= range, scope, diversity • undertaking=task, project, labour, venture

  5. Vocabulary 4 • empower=give the right to sth.=entitle • entire • exert=apply, use,have • manifest=reflect, show, demonstrate • v. charge • apply sth. TO sth. • technically • concern sth.= be related to, be relevant • criterion - criteria • exhibit=demonstrate, show • substitutabilty • isolation • a matter of degree • raise-rasied-raised • consideration=condition, information; regard • legal • economies of scale • merchant-trader

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