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Welcome to Economics!
Turn your essay into the boxGrab your notebookFind a seat where you are free from
distractions and be seated when the bell rings.
When ready, come grab entrance quiz from Mr. Talcott
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Do Now- “Economic Competition”
Complete the entrance ticket silently and independently
When finished create an entry for “economic competition”
5 minutes
End
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Objective of the day:
I can explain the different types of market outcomes in order to analyze the real world impact of market outcomes on prices and consumers.
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QOD
WHAT MIGHT HAPPEN IF THERE WAS ONLY ONE GAS STATION IN TOWN?
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What is a “market”?
A market is a system of exchange (buying and selling).
You win the game Monopoly by
owning everything and getting rid of
ALL your competition!
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Perfect Competition
Perfect competition contains many sellers, who have products which are pretty much the same. It is easy to start up in and each seller has no control over the market price. An example industry in perfect competition is corn.
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Perfect CompetitionExample Industries Corn, Wheat, Rice
Number of Sellers Many
Type of Product Identical
Barriers to Entry No barriers
Control over Price No control
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Monopoly
Monopolies contain one seller, who have products which are unique. It is nearly impossible to start in and each seller has absolute control over the market price. An example monopoly industry is electricity or water.
Monopolies contain one seller, who have products which are unique. It is nearly impossible to start in and each seller has absolute control over the market price. An example monopoly industry is electricity or water.
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MonopolyExample Industries Electricity, Water
ServiceNumber of Sellers One
Type of Product Unique
Barriers to Entry Extremely high barriers
Control over Price Absolute control
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Monopolistic Competition
Monopolistic competition contains many sellers, who have products which are slightly different. It is easy to start in and each seller has some control over the market price. An example of an industry with monopolistic competition is restaurants or jeans .
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Monopolistic CompetitionExample Industries Jeans, Restaurants
Number of Sellers Many
Type of Product Slightly different
Barriers to Entry No barriers
Control over Price Some control
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Oligopoly
Oligopolies contains a few sellers, who have products which are moderately different. It is pretty hard to join in and each seller has high control over the market price. An example of an oligopoly is the cell phone industry .
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OligopolyExample Industries Luxury cars, cell phone
serviceNumber of Sellers A few
Type of Product Moderately different
Barriers to Entry Significantly high barriers
Control over Price High control
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Which type of competition has only a few sellers?
A. Perfect Competition
B. Monopolistic Competition
C. Oligopoly
D. Monopoly
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In this type of market, sellers must sell at whatever is the
market price
A. Perfect CompetitionB. Monopolistic CompetitionC. OligopolyD. Monopoly
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Which type of competition is thehardest to start competing in?
A. Perfect CompetitionB. Monopolistic CompetitionC. OligopolyD. Monopoly
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Which type of competition has no control over the market
price?
A. Perfect CompetitionB. Monopolistic CompetitionC. OligopolyD. Monopoly
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Which type of competition has all the exact same products?
A. Perfect CompetitionB. Monopolistic CompetitionC. OligopolyD. Monopoly
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In this type of market there are many sellers, but each product
is slightly different.
A. Perfect CompetitionB. Monopolistic CompetitionC. OligopolyD. Monopoly
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With a Partner
Read and annotate the following scenarios: one partner does scenario 1 and 3, the other, 2 and 4.
Code the text using the key below:*- Perfect competition
$-monopoly
^- monopolistic competiton
#- oligopoly
When finished answer the questions in complete sentences in your notebook
20 minutes
End
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By yourself
Independently Complete the analysis of real life scenarios Answer all questions in complete sentences
15 minutes
End
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By yourself
Choose two real life companies to read about, Answer the questions in your notebook
10 minutes
End
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Homework
Create a product or company for each market type.