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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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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: 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.
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.
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
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
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
The Mixed Economy•Firms try not to compete on price alone.
▫Physical characteristics▫Location▫Atmosphere▫Service▫Advertising/image/status
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
Applying what you’ve learned…•Take the information we’ve talked about
today▫How does this apply to your company? Your
entrepreneur?
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.