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Warm up: Thursday 9/26/13 SAT word of the Day: Conscientious\ ˌkän(t)-shē-ˈen(t)-shəs\; adj ▫ Word Root: Latin Scientia: “knowledge” Acting according to one’s conscience; scrupulous Create a sentence using the SAT word of the day relating to economics.

Warm up: Thursday 9/26/13

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Warm up: Thursday 9/26/13. SAT word of the Day: Conscientious \ ˌ kän (t)- shē -ˈen(t)- shəs \; adj Word Root: Latin Scientia : “knowledge” Acting according to one’s conscience; scrupulous Create a sentence using the SAT word of the day relating to economics. Warm up: Wednesday 9/25/13. - PowerPoint PPT Presentation

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Page 1: Warm up: Thursday 9/26/13

Warm up: Thursday 9/26/13•SAT word of the Day: Conscientious\

ˌkän(t)-shē-ˈen(t)-shəs\; adj▫Word Root: Latin Scientia: “knowledge”

•Acting according to one’s conscience; scrupulous

•Create a sentence using the SAT word of the day relating to economics.

Page 2: Warm up: Thursday 9/26/13

Warm up: Wednesday 9/25/13•SAT word of the Day: Omniscient \äm-ˈni-

shənt\; adj▫Word Root: Latin Scientia: “knowledge”

•Having infinite awareness, understanding, and insight

•Create a sentence using the SAT word of the day relating to economics.

Page 3: Warm up: Thursday 9/26/13

Objectives•Students will be able to identify the four

types of market structures within a mixed economy in order to understand the conditions, advantages, disadvantages of each type.

Page 4: Warm up: Thursday 9/26/13

The Mixed Economy•Examining Perfect Competition: A market

structure in which a large number of firms all produce the same product.▫Many buyers and sellers▫Sellers offer identical products▫Buyers and sellers are well informed about

products▫Sellers are able to enter and exit the

market freely

Page 5: Warm up: Thursday 9/26/13

The Mixed Economy•Monopoly: A market dominated by a

single seller.▫A monopoly is formed when there are

barriers that prevent others from entering the market. Higher prices Lower demand

A Natural Monopoly: Market that runs most efficiently when one large firm suppliers all of the output.▫Land line telephone service-telephone lines▫Public water/sewer

Page 6: Warm up: Thursday 9/26/13

The Mixed Economy• Monopolistic Competition: A market structure in

which many companies sell products that are sililar but not identical.▫Firms sell goods that can be substituted for one-another.

Bagel shops Ice cream stands Gas stations Retail stores

Conditions:▫Many firms▫Few artificial barriers▫Slight control over price▫Differentiated products

Page 7: Warm up: Thursday 9/26/13

The Mixed Economy•Firms try not to compete on price alone.

▫Physical characteristics▫Location▫Atmosphere▫Service▫Advertising/image/status

Page 8: Warm up: Thursday 9/26/13

The Mixed Economy•Oligopoly: A market structure in which a few

large firms dominate a market.▫Four larges firms produce 70-80 percent of the

output. Air travel Breakfast cereals Appliances

Barriers: ▫Government licenses or patents▫High start-up costs▫Expensive machinery▫Large advertising campaigns

Page 9: Warm up: Thursday 9/26/13

Applying what you’ve learned…•Take the information we’ve talked about

today▫How does this apply to your company? Your

entrepreneur?

Page 10: Warm up: Thursday 9/26/13

Exit ticket1. Reflect on your Entrepreneur project.

1. Identify your entrepreneur/company2. After viewing the example project and

critiquing it using the rubric, comment on how your project will do when you present. Make sure to reference at least 2 of the 7 of the categories when reflecting.

3. What do you need to do to improve your project? Explain at least 2 changes you can make to your project to earn more points towards the rubric.

2. How does the information we’ve learned today relate to your entrepreneur/company? Explain.