EconomicsLearning Steps

8/25/14

CompleteUSA Test Prep. Warm-up

&Complete

Student Mini-Research “Historical Monopolies”

Standards MI4 Monopolies

Review Quiz and Enrichment

Standards & ElementsSSEMI4

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 UnderstandingsStudents 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 Questions1. 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 StructuresActivity Directions

Create Power Point a Presentation 1. Select 1 Robber Barron,2. 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 Barron’s can be found in the U.S. History Book )

4. Select 1 Monopoly, 1 Monopolistic Competition, 1 Franchise and 2 Oligopoly Companies5. 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