1. Economics Learning Steps 1/27&28/15

2. The Law of Demand And The Law Supply Test

3. Standards & Elements SSEMI4 The student will explain the organization and role of business and analyze the four types of market structures in the U.S. economy. Elements a. Compare and contrast three forms of business organization—sole proprietorship, partnership, and corporation. b. Explain the role of profit as an incentive for entrepreneurs. c. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and perfect competition.

4. Enduring Understandings Students will understand that perfect competition exists when a market has many buyers and sellers of the same good and that few markets are perfectly competitive because barriers keep companies from entering or leaving the market easily.

5. Essential Questions 1. What are the expenses a new business must pay before the first product reaches the customer? 2. What are the factors that make it difficult for new firms to enter the market? 3. What is a product that is considered the same regardless of who makes it or sell it? 4. What is a market with many well informed buyers and sellers, identical products and free entry and exit? 5. Why does a perfectly competitive market require many participants as both buyers and sellers? 6. Why is milk considered a commodity? 7. What is the relationship between start up cost and a competitive market? 8. What is one of the primary characteristic of a competitive market? 9. How does a perfect market influence output?

6. Begin “The Greatest Hamburger” Competition Class Activities

7. The Greatest Hamburger Competition Directions 1. Listen to the wants of your customer 2. Write a description of the hamburger you want your customer to buy (remember you are competing with the other team for the customers’ business) 3. Create a 1 minute commercial naming and describing your hamburger, and why the customer should buy your hamburger instead of the competitions’ hamburger. 4. Present your commercial to the customer so that she can decide who has the “Greatest Hamburger”