TEXT 1

The White House, the official home of the United States President, was not built in time
for George Washington to live it. It was begun in 1792 and was ready for its first inhabitants,
President and Mrs. John Adams, in 1800. When the Adamses moved in, the White House was
not yet complete, and the Adamses suffered many inconviniences. Thomas Jefferson, the third
president, improved the comfort of The White House in many respects and added new
architectural features such as the terrace on the east and west ends. When British forces burned
the White House on August 24, 1814, President Madison was forced to leave, and it was not
until 1817 that then President James Monroe was able to return to a rebuilt residence. Since then,
the White House has been occupied by each US President.

TEXT 2

Competition
Rivalry among businesses and services industries is called
competition. This feature of a market economy encourages
Line businesses to improve their goods and services, keep their prices
affordable, and offer new products to attract more buyers.
5 There are four basic types of competition in business that form
a continuum from pure competition through monopolistic
competition and oligopoly to monopoly. (See diagram). At one end
of the continuum, pure competition results when every company
has a similar product. Companies that deal in commodities such as
10 wheat or corn are often involved in pure competition. In pure
competition, it is often the ease and efficiency of distribution that
influences purchase.
In contrast, in monopolistic competition, several companies may
compete for the sale of items that may be substituted. The classic
15 example of monopolistic competition is coffee and tea. If the price of
one is perceived as too high, consumers may begin to purchase the
other. Coupons and other discounts are often used as a part of a
marketing strategy to influence sales.
Oligopoly occurs when a few companies dominate the sales of a
20 product or service. For example, only five airline carries control
more than 70 percent of all ticket sales in the United States. In
oligopoly, serious competition is not considered desirable because it
would result in reduced revenue for every company in the group.
Although price wars do occur, in which all companies offer
2 substantial savings to customers, a somewhat similar tendency to
raise prices simultaneously is also usual.
Finally, monopoly will occur when only one firm sells the product.
 Some monopolies have been tolerated for producers of goods and
services that have been considered basic or essential, including
3 electricity and water. In these cases, it is government control, rather
0 than competition, that can protect and influence sales. The following
chart represents the competition continuum.

Most - - - - - - - - Competition - - - - - - - - Least

Pure ――――Monopolistic―Oligopoly―Monopoly
Competition Competition