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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.

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Warm up: Thursday 9/26/13

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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.

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.


  • 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

The Mixed Economy

Applying what you’ve learned…

  • Take the information we’ve talked about today

    • How does this apply to your company? Your entrepreneur?

Exit ticket

  • Reflect on your Entrepreneur project.

    • Identify your entrepreneur/company

    • 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.

    • 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.

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

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