1. Class : y10
Lesson Topic: Oligopoly
Scheme of Work: Business Economics

3. Higher thinking Skills
P&D
Planning and
Data
Lesson Objectives
ALL (KNOWLEDGE) Define and describe the terms of oligopoly MOST (ANALYSIS) Examine and Analyse the concepts of oligopoly SOME (EVALUATION ) Evaluate the pros and cons & Justify your views of oligopoly
Higher thinking Skills

4. P&D
Planning and
Data
Planning Tools

5. Personalise your learning. . .
Define and describe the terms of oligopoly
[Grade E-D]
Examine and Analyse the concepts of oligopoly
[Grade C-B]
Evaluate the pros and cons & Justify your views of oligopoly
[Grade A-A*]

6. Oligopoly Cartel Collusion Interdependence Price War Niche CONNECTIVES
Keyword
Definition
Oligopoly
Cartel
Collusion
Interdependence
Price War
Niche
CONNECTIVES

7. CONNECTIVES for Analysis CONNECTIVES for Application
CONTRASTING
Although… Except…
Moreover… If…
However… Yet…
Apart from… Unless…
Despite… As long as…
COMPARING
Equally…
As with…
Like…
In the same way…
Similarly…
Even so…
Likewise…
QUALIFYING
Despite… Yet…
As long as… Unless…
Apart from… If…
Moreover… Except…
However… Although…
CAUSE & EFFECT
Consequently… Due to…
As a result… Therefore..
Because of… Because…
ADDING
In addition… And…
Too… Also…
Additionally… As well as…
Furthermore…
CONNECTIVES for Analysis
CONNECTIVES for Application
CONNECTIVES for Evaluation
CONCLUDING
Firstly… After…
Secondly… Before…
Overall… I believe…
Finally… I think …
In conclusion… it depends…
To conclude… short term…
Meanwhile… Long term…
EMPHASISING
Most importantly…
Significantly…
Notably…
Especially…
Above all…
In particular…
Indeed…
ILLUSTRATING
For instance… Such as…
In the case of… So…
For example…
As revealed by…
As illustrated by…

8. Climb the Ladder A-A* C-B E-D To what extent Do you think
ATD
Apply to
demonstrate
A-A*
To what extent
Do you think
Evaluate whether
(8-10m) 10+ connectives & key words
C-B
Explain
Compare
Analyse
(5-8m) connectives & key words
E-D
Define
Describe
Identify
(2-4m) connectives & key words

9. List as many firms as you can in the market
Car industry
Sports brands
Gulf Airlines
Fast food restaurants

10. Is there a trend for about 5 dominant firms?

11. What this oligopoly We’ve looked at competitive market and monopoly.
The reality for many big firms is somewhere in between.
Oligopoly firms face competition but have SOME market power.
Typically this market has 4-5 firms who dominate sales.

12. Monopolistic Competition
Pure Monopoly
Perfect
Competition
Monopolistic Competition
Oligopoly
Duopoly
Monopoly
The further right on the scale, the greater the degree of monopoly power exercised by the firm.
Lots of Competition
Competitive Prices
No Competition
High Prices

13. Can you think of a market where 4-5 firms dominate?

14. How do firms grow? Integration
Tertiary Sector
Secondary Sector
Primary Sector

15. Oligopoly
Oligopoly is a market dominated by a few large producers of similar products.
Examples: tires, beer, cigarettes, copper, greeting cards, steel, aluminum, automobiles and breakfast cereals

16. How do Oligopolies form?
Barriers to Entry
Legal Barriers – Patents
Costs Barriers – Economies of Scale
Marketing Barriers – Economy of Scale
Same as Monopolies

17. Characteristics of Oligopoly
Interdependence – Self-interested behavior that takes into account what other firms do.
Therefore firms collude and agree on prices, rather than compete.
One form of collusion is the cartel: a formal agreement among producers to set the price and output to increase everyone’s profit.

20. What they mean for consumers
Rigid, possibly higher prices.
Lack of genuine price competition
High quality products as firms want brand loyalty, therefore lots of marketing. i.e. Non- Price Competition
Sometimes firms agreements collapse and a PRICE WAR starts, where firms compete aggressively to win consumers. i.e. Price Competition. Consumer wins!

21. What they mean for the oligopoly firm
Can take advantage of economies of scale – Low cost per unit.
Massive marketing spending to convince customers to pay higher prices. Non – price competition.
Massive marketing budgets also act as barriers to stop new firms entering.
Can charge what they want – High Profits!

22. What they mean for the society
Oligopoly market will have price stability as firms agree on prices.
Governments may have to intervene if a cartel limits competition and prices rise too much.
There is a reasonable amount of choice for consumers, unlike monopoly where there is no choice.

23. Supermarket Competition or collusion?
Price War?
Supposed ‘Price War’ consumers actually paid more.
No formal agreement, rather a ‘fake’ attempt at competition but all firms seeking higher prices for higher profit.
But, sometimes! Real Price Wars!

25. Oligopoly Pros and Cons
Advantages
Disadvantages

26. PLENARIES

27. Climb the Ladder A-A* C-B E-D To what extent Do you think
ATD
Apply to
demonstrate
A-A*
To what extent
Do you think
Evaluate whether
(8-10m) 10+ connectives & key words
C-B
Explain
Compare
Analyse
(5-8m) connectives & key words
E-D
Define
Describe
Identify
(2-4m) connectives & key words

28. Higher thinking Skills
P&D
Planning and
Data
Lesson Objectives
ALL (KNOWLEDGE) Define and describe the terms of oligopoly MOST (ANALYSIS) Examine and Analyse the concepts of oligopoly SOME (EVALUATION ) Evaluate the pros and cons & Justify your views of oligopoly
Higher thinking Skills

29. Pass the Parcel R
Review the Learning
Add as much information you can remember from today’s lesson When the horn blows – pass your sheet to the next table!

30. Neighbours 2 things your neighbour has learnt today
Review the Learning
2 things your neighbour has learnt today
1 question your neighbour wants to ask

31. R
Review the Learning
Tweet Tweet
Summarise your learning today into a single tweet 140 characters Keep all of the information
STOP

32. 3 pieces of information 2 new things you learnt 1 question
you need to ask
2 new things you learnt
3 pieces of information R
Review the Learning

33. 5 minutes. . . GO
STOP