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Warm up: Thursday 9/26/13

Warm up: Thursday 9/26/13. SAT word of the Day: Conscientious ˌ kän (t)- shē -ˈen(t)- shəs ; adj Word Root: Latin Scientia : “knowledge” Acting according to one’s conscience; scrupulous Create a sentence using the SAT word of the day relating to economics. Warm up: Wednesday 9/25/13.

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Warm up: Thursday 9/26/13

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  1. Warm up: Thursday 9/26/13 • SAT word of the Day: Conscientious\ˌkän(t)-shē-ˈen(t)-shəs\;adj • Word Root: Latin Scientia: “knowledge” • Acting according to one’s conscience; scrupulous • Create a sentence using the SAT word of the day relating to economics.

  2. Warm up: Wednesday 9/25/13 • SAT word of the Day: Omniscient \äm-ˈni-shənt\; adj • Word Root: Latin Scientia: “knowledge” • Having infinite awareness, understanding, and insight • Create a sentence using the SAT word of the day relating to economics.

  3. Students will be able to identify the four types of market structures within a mixed economy in order to understand the conditions, advantages, disadvantages of each type. Objectives

  4. Examining Perfect Competition: A market structure in which a large number of firms all produce the same product. • Many buyers and sellers • Sellers offer identical products • Buyers and sellers are well informed about products • Sellers are able to enter and exit the market freely The Mixed Economy

  5. Monopoly: A market dominated by a single seller. • A monopoly is formed when there are barriers that prevent others from entering the market. • Higher prices • Lower demand • A Natural Monopoly: Market that runs most efficiently when one large firm suppliers all of the output. • Land line telephone service-telephone lines • Public water/sewer The Mixed Economy

  6. Monopolistic Competition: A market structure in which many companies sell products that are sililar but not identical. • Firms sell goods that can be substituted for one-another. • Bagel shops • Ice cream stands • Gas stations • Retail stores • Conditions: • Many firms • Few artificial barriers • Slight control over price • Differentiated products The Mixed Economy

  7. Firms try not to compete on price alone. • Physical characteristics • Location • Atmosphere • Service • Advertising/image/status The Mixed Economy

  8. Oligopoly: A market structure in which a few large firms dominate a market. • Four larges firms produce 70-80 percent of the output. • Air travel • Breakfast cereals • Appliances • Barriers: • Government licenses or patents • High start-up costs • Expensive machinery • Large advertising campaigns The Mixed Economy

  9. Applying what you’ve learned… • Take the information we’ve talked about today • How does this apply to your company? Your entrepreneur?

  10. Exit ticket • Reflect on your Entrepreneur project. • Identify your entrepreneur/company • After viewing the example project and critiquing it using the rubric, comment on how your project will do when you present. Make sure to reference at least 2 of the 7 of the categories when reflecting. • What do you need to do to improve your project? Explain at least 2 changes you can make to your project to earn more points towards the rubric. • How does the information we’ve learned today relate to your entrepreneur/company? Explain.

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