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Economics 3/19-3/23

Economics 3/19-3/23. BW—Math Minutes Library Finish and turn in Advertising Scavenger Hunt to MS One Note Classroom AS A FORM PRINTOUT—if you need help see Ms. Higbe Complete Advertising Web Quest on MS Forms— MAKE SURE YOU DUPLICATE THE FORM BEFORE YOU TYPE IN YOUR ANSWERS. Agenda 3/19.

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Economics 3/19-3/23

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  1. Economics 3/19-3/23

  2. BW—Math Minutes • Library • Finish and turn in Advertising Scavenger Hunt to MS One Note Classroom AS A FORM PRINTOUT—if you need help see Ms. Higbe • Complete Advertising Web Quest on MS Forms—MAKE SURE YOU DUPLICATE THE FORM BEFORE YOU TYPE IN YOUR ANSWERS. Agenda 3/19

  3. Economics Agenda 3/21 • BW-Need 2 Know • Discuss Unit 3-Market Structures Section • Group Questions—perfect competion • Types of Businesses Chart

  4. Need 2 Know 3/21 1 a and b------Read – pages 198-199 “How the Economy Works” activity. Read “How can a small business grow?” In complete sentences, answer the two questions. 2. Which of the following would be an oligopoly? (E26) a. one firm producing 95 percent of the output b. two to four firms producing 70 percent to 80 percent of the output c. eight to ten firms producing 60 percent to 70 percent of the output d. twelve to fourteen firms producing 90 percent of the output

  5. Essential Questions • E.26 Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition • E.23 Compare and contrast the following forms of business organization: sole proprietorship, partnership, and corporation.

  6. Chapter 7 Section 1 Checkpoint Questions • List the 4 conditions for perfect competition. • How does perfect competition ensure that prices are not determined by individual suppliers or consumers? • Which barrier to entry can be overcome by education or vocational training? • How are output decisions made in a perfectly competitive market? • Which of these markets come close to perfect competition—Explain your choices.

  7. Perfect Competition Group Questions • Directions: Read the description of each market. Then tell whether the market is an example of nearly perfect competition. Explain your answer.

  8. Perfect Competition Group Questions 1.Aspirin is one of the most widely used drugs in the world. Although many companies make and sell aspirin, all aspirin is pretty much the same. Because aspirin is a drug, the government has some control over companies that make it. • Is this an example of perfect competition? Why or why not?

  9. Perfect Competition Group Questions 2. Wheat is one of the most important agricultural products in the United States. Wheat is grown by many farmers throughout the country, especially in the Midwest. Buyers from many companies travel throughout the United States to find wheat for breakfast cereals, bread, flour, animal food, and many other products. Buyers seek out the best prices, knowing they’ll get essentially the same product wherever they find it. Farmers may grow more or less wheat from year to year, depending on the prices they can expect. If wheat prices fall too low, they can switch to corn or other grains if they believe they can make more profit. Buyers likewise may switch to other grains if wheat prices rise too high, or if other grains become cheaper. Is this an example of perfect competition? Why or why not?

  10. Perfect Competition Group Questions 3. Two firms, Boeing and Airbus, produce most large passenger airplanes. It costs billions of dollars to develop a new type of airplane. One airplane can cost more than $260 million. The competition between these two firms is fierce. • Is this an example of perfect competition? Why or why not?

  11. Answers • This is not perfect competition because there are high start-up costs, and government controls are a barrier to entry. • This is an example of perfect competition. There are many buyers and sellers, the product is standardized, buyers and sellers are informed, and sellers can easily get into or out of the market • This is not a perfectly competitive market. There are only two major manufacturers. The high cost of developing and building the planes is a barrier to entry.

  12. Types of Businesses Chart—On Copy paper stapled into econ section of notebook—stays in notebook • Create a 3 column chart comparing • Sole Proprietorship, Partnership, Corporation • Charts must contain the following • A visual that defines the type of business • List the different categories of (if aplicable ex.. Limited partnership) • Advantages of • Disadvantages of

  13. Word Wall—2nd Nine Weeks—Pt. 2

  14. Agenda 3/23 • Finish “The Apprentice” • Answer questions • Turn in Apprentice Questions • Seaside Business—group activity

  15. Apprentice Questions—take out a sheet of paper and write down the following questions • Which team name was better? • Versacorps Inc • Protegee Inc • What mistake did the women’s team make when starting their lemonade business? What about the men’s team? Who got off to a better start? • What “weapon” did the women use to sell lemonade? Do you agree with their choice? • Which team do you believe won the lemonade challenge? • Which team member would you remove from each team? • Do you agree with Trumps firing?

  16. Seaside resort Business Plan A small seaside town—Starbird Cove lost a major manufacturing firm two years ago. The plant was the town’s biggest employer. When it closed, 450 people lost their jobs. The loss of taxes has left the town scrambling to maintain community services. Several small businesses have closed because the local economy is so bad. To help turn the community around, the city council has recently voted to encourage the growth of a tourist industry. It has miles of sandy beach, largely undiscovered by tourists. As part of its program, the community is offering tax breaks and low leases on city-owned properties suitable for shops and other businesses. To qualify for this opportunity, entrepreneurs must be willing to establish a tourist-related business, such as a wind- and kite-surfing business, bicycle rental, T-shirt shop, restaurant, or tour business. Imagine that you are looking for a business opportunity and have decided to apply for one of the city’s low-priced business sites.

  17. Identify a tourist-related business you would like to open. (MUST BE LEGAL AND SCHOOL APPROPRIATE) It can be a partnership or a franchise. You can work with other groups to try to avoid competition and cover all options—Or spy on them and try to beat them. 😊

  18. Answer the questions as you plan—MUST GIVE YOUR BUSINESS A NAME 1. Describe the kind of business would you open?—cannot be a corporation unless you purchase a franchise. Will you open the business as a partnership, and if so, what kind, or purchase a franchise? Why? 2. Why do you think this business will succeed in the town? What obstacles will you face? 3. What are the risks in opening this particular business? Consider how the franchise or partnership organization reduces or increases the risk. What are the specific benefits for you and for the town in opening this business? Think about how having a partnership or franchise organization will affect the benefits. EXTRA CREDIT—DRAW/CREATE AN ADVERTISEMENT FOR YOUR BUSINESS—MUST INCLUDE A GRAPHIC AND SLOGAN

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