Economics Learning Steps 8/23/12

Complete Dream Book Journal Entry & Complete Student Mini-Research “Historical Monopolies”

Standards MI4 Monopolies Review Quiz and Enrichment

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.

Enduring Understandings Students will understand that monopolistic competition is similar to perfect competition, except that companies sell slightly different goods. Oligopoly, which is closer to monopoly, describes a market with only a few large producers.

Essential Questions 1. What are many companies in an open market selling similar products? 2. What is a market structure dominated by a few large, profitable firms? 3. What is an agreement among firms to sell at the same or very similar prices? 4. What is a formal organization of producers that agree to coordinate prices and production? 5. If two shops sell the same merchandise but one offers a higher level of service, what is the service distinction a form of? 6. What is an agreement among members of an oligopoly to set prices and production levels called? 7. A major characteristic of monopolistic competition is that prices will be what ? 8. A cartel is only able to survive only if what happens? 9. What is the main difference between perfect competition and monopolistic competition?

Student Study “The Ins & Outs of Market Structures” Ticket-Out-The Door Class Activities

The Ins and Outs of Market Structures Activity Directions 1.Fold Paper “Book Style” 2.Select 1 Robber Barron, 3.Write a description of the Robber Barron using the 2Ws & an a H (Who, What and How) as a guide on page 1 of the book (Information on Robber Barrons can be found in the U.S. History Book ) 4. Select 1 Monopoly, 1 Monopolistic Competition, 1 Franchise and 2 Oligopoly Companies 5.Write the name of each company and the type of Market Structure it is on its designated page with the following facts; 1. Market Structure description 2. Products the company sells 3. Slogan for the business (Monopolistic Competition,Oligopoly and Franchise) 4. Differences of products from its competition(Monopolistic Competition, Oligopoly and Franchise) 5. Picture of the companies' popular product