2. Welcome to Economics!  Turn your essay into the box  Grab your notebook  Find a seat where you are free from distractions and be seated when the bell rings.  When ready, come grab entrance quiz from Mr. Talcott  Turn your essay into the box  Grab your notebook  Find a seat where you are free from distractions and be seated when the bell rings.  When ready, come grab entrance quiz from Mr. Talcott

3. Do Now- “Economic Competition”  Complete the entrance ticket silently and independently  When finished create an entry for “economic competition”  Complete the entrance ticket silently and independently  When finished create an entry for “economic competition” 5 minutes End

4. Objective of the day:  I can explain the different types of market outcomes in order to analyze the real world impact of market outcomes on prices and consumers.

5. QOD  W HAT MIGHT HAPPEN IF THERE WAS ONLY ONE GAS STATION IN TOWN ?

6. What is a “market”?  A market is a system of exchange (buying and selling). You win the game Monopoly by owning everything and getting rid of ALL your competition!

7. Perfect Competition Perfect competition contains many sellers, who have products which are pretty much the same. It is easy to start up in and each seller has no control over the market price. An example industry in perfect competition is corn.

8. Perfect Competition Example Industries Corn, Wheat, Rice Number of Sellers Many Type of Product Identical Barriers to Entry No barriers Control over Price No control

9. Monopoly Monopolies contain one seller, who have products which are unique. It is nearly impossible to start in and each seller has absolute control over the market price. An example monopoly industry is electricity or water.

10. Monopoly Example Industries Electricity, Water Service Number of Sellers One Type of Product Unique Barriers to Entry Extremely high barriers Control over Price Absolute control

11. Monopolistic Competition Monopolistic competition contains many sellers, who have products which are slightly different. It is easy to start in and each seller has some control over the market price. An example of an industry with monopolistic competition is restaurants or jeans.

12. Monopolistic Competition Example Industries Jeans, Restaurants Number of Sellers Many Type of Product Slightly different Barriers to Entry No barriers Control over Price Some control

13. Oligopoly Oligopolies contains a few sellers, who have products which are moderately different. It is pretty hard to join in and each seller has high control over the market price. An example of an oligopoly is the cell phone industry.

14. Oligopoly Example Industries Luxury cars, cell phone service Number of Sellers A few Type of Product Moderately different Barriers to Entry Significantly high barriers Control over Price High control

15. Which type of competition has only a few sellers? A. Perfect Competition B. Monopolistic Competition C. Oligopoly D. Monopoly

16. In this type of market, sellers must sell at whatever is the market price A. Perfect Competition B. Monopolistic Competition C. Oligopoly D. Monopoly

17. Which type of competition is the hardest to start competing in? A. Perfect Competition B. Monopolistic Competition C. Oligopoly D. Monopoly

18. Which type of competition has no control over the market price? A. Perfect Competition B. Monopolistic Competition C. Oligopoly D. Monopoly

19. Which type of competition has all the exact same products? A. Perfect Competition B. Monopolistic Competition C. Oligopoly D. Monopoly

20. In this type of market there are many sellers, but each product is slightly different. A. Perfect Competition B. Monopolistic Competition C. Oligopoly D. Monopoly

21. With a Partner  Read and annotate the following scenarios: one partner does scenario 1 and 3, the other, 2 and 4.  Code the text using the key below:  *- Perfect competition  $-monopoly  ^- monopolistic competiton  #- oligopoly  When finished answer the questions in complete sentences in your notebook  Read and annotate the following scenarios: one partner does scenario 1 and 3, the other, 2 and 4.  Code the text using the key below:  *- Perfect competition  $-monopoly  ^- monopolistic competiton  #- oligopoly  When finished answer the questions in complete sentences in your notebook 20 minutes End

22. By yourself  Independently  Complete the analysis of real life scenarios  Answer all questions in complete sentences  Independently  Complete the analysis of real life scenarios  Answer all questions in complete sentences 15 minutes End

23. By yourself  Choose two real life companies to read about,  Answer the questions in your notebook  Choose two real life companies to read about,  Answer the questions in your notebook 10 minutes End

24. Homework  Create a product or company for each market type.