l.The Government announced plans to control price inflation.
2. Labour unions are concerned about the increased use of robots in manufacturing.
3.The use of computers made the preparation of this study guide easier.
4. The U.S. has a higher standard of living today than 20 years ago.
15. , , . . , , , - . .
Unit 10 247
16. ) :
[:] 'market, 'faster, large, de'mand, re'garded
[] some, thus, a'mong, 'others, 'sulphur ('sulfur),
'number, in'dustrial, one,,fluctu'ation
[] par'ticular, 'instance, 'structural, ma'terial, pur'sue,
sup'ply, con'sumer
[au] a'bout, now, a'mount, 'household, how'ever
[ou] own, most, low, 'process, 'over, know, 'follow, 'only
[] where, 'various, their, 'therefore, scarce
[d3J stage, geo'graphic, geo'logic, 'knowledge, 'generally,
'project, 'energy, e'merge
[ks] mixed, ex'tremity, 'fixing, 'export, ex'pensive,
ex' tent, ' exercise,,explo' ration, ex' perience [gz] e'xactly, e'xist, e'xample, e'xistence
) :
analysis [a'nselasis], competitive [kam'petrtrv], differentiate [xdifa'renjieit], constitute ['konstitju:t], household ['haushould], imply [im'plai], process ['prousas], sulfur ['sAlfa], sulfureous ['s/Jfras], substantial [sab'staenfdl], monopoly [ma'nopali], pursue [pd'sju:]
) ,
:
copper ['kopa], lead [led], zinc [zmk], nickel ['nikl], manganese [,maerjga'ni:z], cobalt ['koubo:lt]
17. 1-2 ,
:
assume [a'sju:m] v , , , ;
; assumption [a'SAinpJan] [ksm'petrtiv] -
, , -
commlt [ka'mtt] v , -
confute [kan'ialn] v (to) -
commodity [ka'mDdiU] n , (-.)
; ; syn goods conform [kan'form] v -
compete [kam'pi:t] v - (), (to ),
(with -., for - (to -.),
-., -.); competl- , -
tion [,kompi'Hfn] - ()
Unit 10
deplete [di'pli:t] v , ; depletion [di'pliijan] , ()
differentiate [xlnVrenJleit] v -(), , -(),
emerge [:1] v , ( ); emergence [:5] ,
household ['haushould]
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|
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Imply [im'plai] v , , ,
Income ['inkam] n ,
participate [pa:'tisipeit] v (in); syn to take part (In); participation [pa:,tBi'pei/] n ,
pursue [pa'sju:] v (, );
18. -tr, :
to buy
to consume
to sell
to supply
to manufacture
to trade
to explore
buyer
consumer
seller
supplier
manufacturer
trader
explorer
19. -:
| unknown resources unprotected environment unloaded coal |
unacceptable increase in cost unchanged policy undeveloped mineral deposit unlimited raw material unreal project
20. :
scarce resources
resource allocation
market participation of producers and consumers
the possibility of price fixing
the emergence of international mining companies
to determine prices
to be replaced by petroleum products
to influence the production of minerals
to exercise considerable influence of international trade companies
free-market economy
mixed economies
free competition
mineral commodities
nonfuel mineral resources
to interact in markets
the development of seabed minerals
to be regarded as world markets
to determine the structure of any
particular market to be confined to determining the
number, size and market position
of the buyers and sellers to imply competition
Unit 10____________________________________________ 249
21.
:
command economy; centrally-directed economy; resource allocation; mixed economies; mineral market; several stages of production; various types of petroleum products; international trade; oil-exporting countries; the structure of any particular market; structural analysis; communication and competition between producers and consumers; geographic conditions; the sum of all factors; market position; economically efficient price; price fixing; industrial minerals; business cycle; technological advances; to play the central role; to pursue one's own interests; to effect resources allocation
22. ,
. '
?
Mineral Markets
Market is a place where buyers and sellers of a given commodity meet to determine price. Mineral markets are material goods markets, and many are regarded as world markets.
Strictly speaking, markets for any particular mineral exist at several stages of production and for several levels of quality. The petroleum market, for example, is divided into:
a market for light petroleum
a market for heavy petroleum
a market for low-sulfur petroleum, etc.
The importance of various types of products in international trade, however, varies continuously. Now that the oil-exporting countries are increasingly building up their own processing facilities, for instance, crude oil is less important in international trade and is being replaced by petroleum products.
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Supply and demand determine the structure of any particular market. A structural analysis must thus consider the number, geographic distribution, and market participation of producers and consumers as well as the communications and competition between them. The production of minerals is influenced by geologic conditions and therefore market analysis needs to be conducted by mineral economists with good geologic inside knowledge.
The form of market is defined by the extent of free competition. It constitutes the sum of all factors influencing
250_____________________________________________ Unit 10
competition and hence pricing. Empirical investigations on market structure are usually confined to determining the number, size and market position of the buyers and sellers. It is assumed that a large number of producers and consumers implies competition resulting in an economically efficient price: a small number, imperfect competition, where the price can be influenced; and one single producer or consumer, the absence of competition and the possibility of price fixing.
World trade in mineral commodities is dominated by petroleum, natural gas, coal, metals and some industrial minerals. There is, also, a substantial amount of trade in copper, lead and zinc concentrates.
World markets for minerals are generally quite competitive and most metal prices are subject to a high degree of fluctuation over the business cycle.
As for nonfuel mineral resources it should be stressed that over the past half-century continuous exploration aided by technological advances has increased reserves of most nonfuel minerals faster than they have been depleted. Besides, the development of seabed minerals could provide large supplies of copper, nickel, manganese, cobalt and other minerals for many generations to come. International trade in nonfuel minerals is important to hold down raw material costs in industrial countries.
23. :
1. What is a market? What is a mineral market?
2. What is more profitable to sell: crude oil or oil products?
Why?
3. What determines the structure of any market?
4. What is the role of structural analysis?
5. Who is responsible for conducting mineral analysis?
6. What is the role of competition in free-market economies?
7. What is world trade in mineral commodities dominated by?
8.What do you know about nonfuel resources and seabed
minerals and their role in international trade? 9. Do you know what industrial minerals are?
10. Do we have large reserves of nonfuel minerals?
11. Why is international trade in nonfuel minerals important?
24. ) :
market (free) competition
commodities geologic conditions
buyer mineral economists
Unit 10
seller
mineral markets
stages of production
levels of quality
light/heavy/low-sulfur
petroleum
oil-exporting countries processing facilities crude oil
petroleum products supply and demand geographic distribution of
producers and consumers to hold down raw material costs
empirical investigations
economically efficient
price
pricing
price fixing
natural gas
trade in copper, lead, etc.
competitive markets
prices are subject to fluctuation
nonfuel mineral resources
technological advances
reserves are depleted
seabed minerals
for many generations to come
)
.
