Aim: Why do businesses in different industries experience varying degrees of competition in a market economy and what is the impact of that competition on consumers, society and the government?
Bell Ringer: Read "Profiles in Economics" re: Bill Gates (10 min) p.178
Bell Ringer: CNN10 (current events)
Objectives:
- 1. Students will compare the basic characteristics of the four market structures (monopoly, oligopoly, monopolistic competition, pure competition).
Agenda:
- 1. Review vocabulary terms: Laissez-faire, market structure, perfect competition, imperfect competition, monopolistic competition, product differentiation, nonprice competition, oligopoly, collusion, price-fixing, monopoly, natural monopoly, economies of scale, geographic monopoly, technological monopoly, government monopoly.
- 2. Have students complete the note-taking guide (Market Structures) using their textbook (McGraw-Hill Economics Principles and Practices pp. 168-167193), online resources, or class notes as appropriate. (rest of class)
Home Learning: Complete your designated section of the note-taking guide.
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